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.
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 ?
Potential licensees interested in obtaining more information about the Phony Fisherman and discussing licensing opportunities with respect to the product can contact the Manufacturer Response Department of Innovation Direct[TM] at (877) 991-0909 ext.
I am sorry to tell you that your decision to invest in such a phony project was not wise and the management of this project were actually acting like a pack of wild dogs preying on you and similar people in your category.
According to Insurance Fraud Prosecutor Greta Gooden Brown, the defendants pleaded guilty to charges that they produced a phony Liberty Mutual Auto insurance card and a phony State Farm Insurance Card.
The author establishes his sincerity early, dismissing complaints that NCLB is underfunded as a "phony" dispute.
Though the inquiries continue to morph as they expand to look at more areas of the industry, essentially the probes have grown out of concerns raised by regulators in California, Colorado, Washington and Florida--and the federal Department of Housing and Urban Development--that title companies were entering "phony" reinsurance treaties with captive reinsurers owned by builders and real estate firms as a means to circumvent state and federal prohibitions against the payment of referral fees on title insurance business.
British Strategy and Politics During the Phony War: Before the Balloon Went Up.
What we are up against is not just phony arguments but a vast strategy of deception.
With dutiful nods to "brainy" stuff (is there another reason John Baldessari and neo-Conceptualist phony Lucy McKenzie are in the show?), Ferguson likes representational, somewhat dreamy, touchy-feely paintings, but fails a) to argue why these fey daubings and not others, and b) to make a coherent lineage out of his otherwise weakly formal juxtapositions.
* Your editor has thought for some time that we, individually and organizationally, are not treating the phony letters situation with all the seriousness that a threat of this gravity warrants.
Eleven Georgia teachers were found to have received phony degrees from Saint Regis University in Liberia, a diploma mill that sells college degrees for little to no coursework.
It is unusual for me to find fault with the logic of Cathy Young ("Bipartisan Coulterism," October), but for her to use the much criticized (by conservatives) Ann Coulter as a representative of conservatism while underplaying the influence of Michael Moore, who was given an Oscar for his phony documentary Bowling for Columbine and received no criticism from liberals for his contemptuous acceptance speech, is absurd.
Colon, a former NYPD officer, allegedly recruited his ex-wife, officer Trinidad Martinez, and two other officers to create phony accident reports.