fraud

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Fraud

Any attempt to deceive another for financial gain. A clear example of fraud is selling a new issue that does not really exist. That is, the company can collect money from investors and, rather than use it to finance operations, pocket the money and do nothing. There are a number of types of fraud. Common types include forgery of documents, false claims in insurance, and filing bankruptcy to avoid debt rather than because of financial hardship.

fraud

Deception carried out for the purpose of achieving personal gain while causing injury to another party. For example, selling a new security issue while intentionally concealing important facts related to the issue is fraud.

fraud

the gaining of financial advantage by a person who deliberately deceives another person or business, by mispresenting himself.

fraud

A deceitful practice. Fraud consists of a misrepresentation of a material fact that is relied upon by another party to his or her detriment.There is no requirement that the misrepresentation be intentional.The thing misrepresented must be a fact; it is very difficult to prove fraud when one fails to fulfill his or her obligations but had good intentions in the beginning.

There are three types of fraud:

1. Intentional fraud. Punitive damages may be assessed for this type of fraud.

2. Negligent fraud. As when one makes a statement recklessly but without any intention to deceive, and someone relies on that statement and is injured when it turns out to be false. One example would be a real estate agent telling a buyer that all appliances are new when, in reality, the agent didn't know but thought they looked new. Depending on the degree of recklessness involved, this type of fraud may or may not support punitive damages.

3. Innocent fraud. As when one takes steps to confirm facts but is perhaps mistaken or given mistaken information, and then relays that information to someone else who relied on it and was injured.

The Statute of Frauds is a rule that says certain contracts must be in writing, including contracts having to do with real estate. It has nothing to do with fraud, per se, except to protect against possible fraud by requiring a writing.

References in periodicals archive ?
The introduction to Aesthetics of Fraudulence in Nineteenth-Century France: Frauds, Hoaxes, and Counterfeits indicates that the chapters are "not rigorously interlocked, they can be detached from the whole, easily read in isolation" (17).
This book proposes to analyze various strategies of representing and exposing fraudulence in 19th-century France.
Aesthetics of fraudulence in nineteenth-century France; frauds, hoaxes, and counterfeits.
It's goldfish number one, two and three, and I didn't want to be goldfish number four" Actress Sharon Stone who has so far resisted cosmetic surgery "When you start becoming really successful, the demons start to tempt you - the demons of vanity and self importance, drug abuse, the feelings of fraudulence. But it's also a thrill"Actor Ethan Hawke "Shopping is like a drug.
Riyadh, October 25, SPA -- The Saudi Interpol has succeeded in extradition of a culprit who has obtained tens of millions by carrying crimes of deceit and fraudulence including issuance of bounced-cheques and fooling people by alleging that he will provide them with great profits.
"I don't think anyone anticipated this level of fraudulence. This was a selection, not an election," Karim Sadjapour, analyst at the Cargegie Endowment for International Peace told Reuters.
"To avoid fraudulence, application for passwords will only be available in person and not online," a spokesman said.
The IPR Department at Dubai Customs, the first of its kind in the Middle East, was established in 2005 as an independent business unit coping with the country's policies and in pursuance to the international agreements and conventions to which UAE is committed as well as to underline the country's desire in safeguarding investors and manufacturers commercial and industrial property rights and protecting consumers against all forms of fraudulence and exploitation that aim at rapid and illegitimate earnings regardless to human health and security.
Hope Cinergy 2009 will have a more stringent submission criteria to avoid such fraudulence.
Not surprisingly, a dishonest institution like the Quartet named as its special envoy former British Prime Minister Tony Blair, the Olympics gold medal winner for political fraudulence.
Having taken his rightful place in England's World Cup final medal ceremony and picking up a deserved loser's medal, Noon said he cannot wait to shake off the feeling of fraudulence.
In this way, Zenia not only exults in the lies and fictions of her life histories but also draws her audiences' attention to their inherent fraudulence.