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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 ?
missed out benefit in 19 The value of benefits paid out to fraudulent claims, by year The five benefits that lost the most money to fraudulent claims in 2018/19
The trial court, in finding Brito Arrate guilty, noted that "[i]t is a fraudulent card.
About the steps taken by BISP to create public awareness, the official said BISP has executed bulk SMS awareness campaign, created awareness through BISP website and electronic media, printed banners and hanged in all BISP Tehsil offices, made announcements through FM Radio while PTA has sent SMS to all active subscribers against fraudulent messages.
"Batelco strongly advises its customers that these are fraudulent calls and that it will never ask customers to provide banking details over the phone, by WhatsApp or any other application," it said.
Desperate candidates were reaching out to AAI with complaints ranging from fake vacancy advertisements to fraudulent appointment letters for which they had paid money.
A fake website of an investment company has been created under the name of a UAE-based billionaire Hussain Sajwani, the Chairman of Damac Properties, and the UAE residents have been asked to treat it as a fraudulent attempt to misguide the investors.
It's not clear who is behind the fraudulent comments that the Labor Department received.
"In Slovakia, fraudulent mergers have become a normal business model," Peter Bubla, spokesperson of the Justice Ministry told The Slovak Spectator, adding that there are companies offering such mergers as a service with a price list and discounts.
According to the report, Egyptians received 10 "annoying" calls monthly, almost all of which were of fraudulent nature.
The Ministry of Economy and Commerce (MEC) cracked down on fraudulent activities and manipulation of the "country of origin" during an inspection campaign at the central market for vegetables and fruits in Abu Hamour, Doha.
Aviva saw a 9.5% year-on-year jump in the number of fraudulent claims it declined in 2016, fuelled by increases in fraud detection across motor bodily injury, household and liability claims.
The relevant provisions of the FCA are those imposing liability on anyone who 'knowingly presents, or causes to be presented, a false or fraudulent claim for payment or approval,' (31 U.S.C.] s.3729(a)(1)(A), or 'knowingly makes, uses, or causes to be made or used, a false record or statement material to a false or fraudulent claim,' id.