fraud

(redirected from phoney)
Also found in: Dictionary, Thesaurus, Medical, Legal, Idioms, Encyclopedia, Wikipedia.
Related to phoney: Phoney War

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

fraud

the gaining of financial advantage by a person who deliberately deceives another person or business, by mispresenting himself.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The Phoney Tony smile is characterised by clenched teeth through either open or closed mouth, with cold eyes.
PHONEY CLAIM: Taxi driver Wayne Sadiq, right, with DC Charles Taylor at last month's police press conference
These phoney drivers are a major irritant and a road safety hazard.
And if you are afraid the euro would slaughter the value of your life savings, as it did in Germany, that hardly makes you a phoney patriot.
Or are the Swedes village idiots, phoney patriots, Little Swedes?
WE are supposed to be in the "phoney war" before the General Election.
Some of the phoney tubing has already been used in operations.
And in the Commons, John Prescott, standing in at Prime Minister's Questions, called them "phoney promises, built on phoney money".
The shocked student threw down his phoney weapon after being surrounded by armed cops during the Edinburgh Festival.
Frank Bruno was branded a phoney last night following his hammering by Mike Tyson.