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 ?
President Hideaki Nishimura, 56, had already been indicted for allegedly swindling about 7 billion yen from two other pension funds from June to August last year.
A Cairo court found him guilty of "swindling 350 million Egyptian pounds ($62 million) from Egyptian citizens via his Optima Security Brokerage firm," a judicial official told AFP.
Swindling is a big part of Willamette Valley's success.
However, Nogami had advised her that the swindling case and the pooling of funds by divisions should be treated as ''separate'' cases, according to ministry sources.
Benitez said Congress should take a second look at the Revised Penal Code to impose heavier penalties against swindling.
The accused have links with other criminals in other provinces and they used various swindling tactics including doubling the money to deprive innocent people of their money, mobile phones and other valuable items.
Meanwhile, another FIA inspector Aadil arrested another such fraudulent agent, Abdul Rauf of Kalar Syedan for swindling Rs 2 million from someone under false promises of sending him to London.
An American suspect is still sought by the authorities, for allegedly swindling the bank of more than Dh7 million.
Six years for swindling a quarter of a million from an insurance company when road killers, child molesters and the like get away with a fine or just a few months' jail.
Swindling money using bank transfer systems has been on the rise in Japan, with the number of cases coming to 17,900 in 2007 alone and some 25.1 billion yen were taken.
Katsutoshi Matsuo, the former Foreign Ministry official at the center of a fraud scandal, pleaded guilty Tuesday to swindling 345 million yen in secret government funds while in charge of helping coordinate overseas trips by Japanese prime ministers between 1997 and 1999.
A CONWOMAN jailed for swindling a widower out of pounds 250,000 broke the heart of the secret daughter she abandoned as a baby.