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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


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.


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


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 impostor phenomenon, as a construct, encompasses (1) feelings of intellectual phoniness, (2) beliefs that individual success is based on luck or hard work rather than ability, (3) lack of confidence in the ability to replicate past successes, (4) fear of evaluation by others, as well as failure, (5) fear that one's incompetence will be discovered, and (6) an inability to take pleasure in one's achievements (Clance and Imes, 1978; September et al., 2001).
Over the centuries their name has become synonymous with phoniness. John the Baptist called them a brood of vipers, and Jesus referred to them as serpents, blind guides, hypocrites, and whitewashed tombs--none of which are exactly complimentary.
Cockburn: A lot of young people are responding to what they see as the phoniness of the world, what they see as encroachments on their own future--by business, for instance.
Texas is still resistant to Howard Johnsons, Interstate highways and some forms of phoniness. It is the place least likely to become a replica of everyplace else.
Having Chester point out the phoniness of the situation puts the audience on his side, even though he is, for the most part, a reprehensible character.
"Perhaps he speculates, "it's not a good business plan to play up the phoniness and hypocrisy of your client." He also reports that one of the schools in the Final Four hasn't had a player graduate since the last Gulf War.
The imposter phenomenon (IP) is an intense feeling of intellectual phoniness, a tendency to attribute successes to external factors, and the resulting fear of being discovered as an intellectual imposter or fraud.
"This was the Gray Lady in all her harrumphing self-importance and oak-paneled phoniness." --Chicago Sun-Times columnist Rick Telander
`Reconstruction' phoniness and irrelevance are especially noticeable when the producer is unwise enough to juxtapose them with authentic material.
Expose the phoniness of Wall Street reform a la Harvey Pitt, of prescription drug benefits that don't give enough help to enough people, and of leave-no-child-behind education programs that do not provide the money to really improve poor schools.
Salinger, Saroyan wrote blistering excoriations of phoniness; like Salinger, too, he had very little to offer in place of phoniness, except for an idealized innocence that, one suspects, can be pretty phony in its own right.
She is the only thing he deems worthy of existence and the merry-go-round is his attempt to keep her there, free of the world of "phoniness."