Fraud

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Mayhem

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corporate

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Public indecency

Rape
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Statutory rape

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Crimes against property

Arson
Blackmail

Bribery
Burglary

Embezzlement

Extortion

False pretenses

Fraud
Larceny
Payola
Pickpocketing

Possessing stolen property

Robbery
Smuggling

Tax evasion

Theft

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Compounding

Malfeasance in office

Miscarriage of justice

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Perjury

Perverting the course of justice

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Blasphemy

Buggery

Providing Contraception information(Comstock

law)

Criminal conversation

Fornication

Gambling

Adult Incest

Interracial marriage

Lewd and lasciviousbehavior

Masturbation

Creation ofObscenity

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when prohibited)

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In law, fraud is deliberate deception to secure unfair or unlawful gain. Fraud is both a civil
wrong (i.e., a fraud victim may sue the fraud perpetrator to avoid the fraud and/or recover monetary
compensation) and a criminal wrong (i.e., a fraud perpetrator may be prosecuted and imprisoned by
governmental authorities). The purpose of fraud may be monetary gain or other benefits, such as
obtaining a drivers license by way of false statements.[1]
A hoax is a distinct concept that involves deception without the intention of gain or of materially
damaging or depriving the victim.
Contents
[hide]

1 As a civil wrong

2 As a criminal offence

3 In non-common law systems

4 By region
o

4.1 Canada

4.2 United Kingdom

4.2.1 England and Wales and Northern Ireland

4.2.2 Serious Fraud Office

4.2.3 National Fraud Authority

4.2.4 CIFAS - The UK's Fraud Prevention Service

4.3 United States

5 Cost

6 Types of fraudulent acts

7 Anti-fraud movements

8 Detection

9 Notable fraudsters

10 Related

11 See also

12 References

13 Further reading

14 External links

As a civil wrong[edit]
In common law jurisdictions, as a civil wrong, fraud is referred to as a tort. While the precise
definitions and requirements of proof vary among jurisdictions, the requisite elements of fraud as a
tort generally are the intentional misrepresentation or concealment of an important fact upon which
the victim is meant to rely, and in fact does rely, to the harm of the victim.[2] Proving fraud in a court of
law is often said to be difficult.[3] That difficulty is found, for instance, in that each and every one of the
elements of fraud must be proven, that the elements include proving the states of mind of the
perpetrator and the victim, and that some jurisdictions require the victim to prove fraud with socalled clear and convincing evidence.[4]

The remedies for fraud may include rescission (i.e., reversal) of a fraudulently obtained agreement
or transaction, the recovery of a monetary award to compensate for the harm caused, punitive
damages to punish or deter the misconduct, and possibly others.[4]
In cases of a fraudulently induced contract, fraud may serve as a defense in a civil action for breach
of contract or specific performance of contract.
Fraud may serve as a basis for a court to invoke its equitable jurisdiction.

As a criminal offence[edit]
In common law jurisdictions, as a criminal offence, fraud takes many different forms, some general
(e.g., theft by false pretense) and some specific to particular categories of victims or misconduct
(e.g., bank fraud,insurance fraud, forgery). The elements of fraud as a crime similarly vary. The
requisite elements of perhaps most general form of criminal fraud, theft by false pretense, are the
intentional deception of a victim by false representation or pretense with the intent of persuading the
victim to part with property and with the victim parting with property in reliance on the representation
or pretense and with the perpetrator intending to keep the property from the victim. [5]

In non-common law systems[edit]

In civil law systems and other legal systems, the concept of fraud seems to exist, but its elements
and application may or may not vary substantially from the common law system concepts discussed
in this article.

By region[edit]
Canada[edit]
Section 380(1) of the Criminal Code provides the general definition for fraud in Canada:
380. (1) Every one who, by deceit, falsehood or other fraudulent means, whether or not it is a false
pretence within the meaning of this Act, defrauds the public or any person, whether ascertained or
not, of any property, money or valuable security or any service,
(a) is guilty of an indictable offence and liable to a term of imprisonment not exceeding
fourteen years, where the subject-matter of the offence is a testamentary instrument or the
value of the subject-matter of the offence exceeds five thousand dollars; or
(b) is guilty
(i) of an indictable offence and is liable to imprisonment for a term not exceeding two years,
or
(ii) of an offence punishable on summary conviction,
where the value of the subject-matter of the offence does not exceed five thousand dollars. [6]

In addition to the penalties outlined above, the court can also issue a prohibition order under
s. 380.2 (preventing a person from "seeking, obtaining or continuing any employment, or
becoming or being a volunteer in any capacity, that involves having authority over the real
property, money or valuable security of another person"). It can also make a restitution order
under s. 380.3.[7]
The Canadian courts have held that the offence consists of two distinct elements:

A prohibited act of deceit, falsehood or other fraudulent means. In the absence of deceit
or falsehood, the courts will look objectively for a "dishonest act"; and

The deprivation must be caused by the prohibited act, and deprivation must relate to
property, money, valuable security, or any service.[8]
The Supreme Court of Canada has held that deprivation is satisfied on proof of
detriment, prejudice or risk of prejudice; it is not essential that there be actual loss.
[9]
Deprivation of confidential information, in the nature of atrade secret or copyrighted
material that has commercial value, has also been held to fall within the scope of the
offence.[10]

United Kingdom[edit]
England and Wales and Northern Ireland[edit]
Main article: Fraud Act 2006
The BBC World service reported in 2012 that the estimated value lost through fraud in
the UK was $100 billion (66 billion) a year.[11]
The Fraud Act 2006 (c 35) is an Act of the Parliament of the United Kingdom. It
affects England and Wales and Northern Ireland. It was given Royal Assent on 8
November 2006, and came into effect on 15 January 2007. [12]
The Act gives a statutory definition of the criminal offence of fraud, defining it in three
classesfraud by false representation, fraud by failing to disclose information, and
fraud by abuse of position. It provides that a person found guilty of fraud was liable to a
fine or imprisonment for up to twelve months on summary conviction (six months
in Northern Ireland), or a fine or imprisonment for up to ten years on conviction
on indictment. This Act largely replaces the laws relating to obtaining property by
deception, obtaining a pecuniary advantage and other offences that were created under
the Theft Act 1978.
Serious Fraud Office[edit]
See Serious Fraud Office (United Kingdom) is an arm of the Government of the United
Kingdom, accountable to the Attorney-General.
National Fraud Authority[edit]

The National Fraud Authority (NFA) is the government agency co-ordinating the counterfraud response in the UK.
CIFAS - The UK's Fraud Prevention Service[edit]
CIFAS - The UK's Fraud Prevention Service, is a not-for-profit membership association
representing the private and public sectors. CIFAS is dedicated to the prevention of
fraud, including staff fraud, and the identification of financial and related crime.

United States[edit]
The U.S. government's 2006 fraud review concluded that fraud is a significantly underreported crime, and while various agencies and organizations were attempting to tackle
the issue, greater co-operation was needed to achieve a real impact in the public sector.
The scale of the problem pointed to the need for a small but high-powered body to bring
together the numerous counter-fraud initiatives that existed.
To establish a claim of fraud, most jurisdictions in the United States require that each
element be plead with particularity and be proved with clear, cogent, and convincing
evidence (very probable evidence). The measure of damages in fraud cases is
computed using the "benefit of bargain" rule, which is the difference between the value
of the property had it been as represented and its actual value. Special damages may
be allowed if shown proximately caused by defendant's fraud and the damage amounts
are proved with specificity.

Cost[edit]
The typical organization loses five percent of its annual revenue to fraud, with a median
loss of $160,000. Frauds committed by owners and executives were more than nine
times as costly as employee fraud. The industries most commonly affected are banking,
manufacturing, and government.[13]

Types of fraudulent acts[edit]

A possibly fraudulent "work from home" advertisement.

See also: Types of fraud

Fraud can be committed through many media, including mail, wire, phone, and
the Internet (computer crime and Internet fraud). International dimensions of the web
and ease with which users can hide their location, the difficulty of checking identity and
legitimacy online, and the simplicity with which hackers can divert browsers to dishonest
sites and steal credit card details have all contributed to the very rapid growth of Internet
fraud. In some countries, tax fraud is also prosecuted under false billing or tax forgery.
[14]
There have also been fraudulent "discoveries", e.g., in science, to gain prestige rather
than immediate monetary gain.[citation needed]

Anti-fraud movements[edit]
Beyond laws that aim at prevention of fraud, there are also governmental and nongovernmental organizations that aim to fight fraud. Between 1911 and 1933, 47 states
adopted the so-called Blue Sky Laws status.[15] These laws were enacted and enforced
at the state level and regulated the offering and sale of securities to protect the public
from fraud. Though the specific provisions of these laws varied among states, they all
required the registration of all securities offerings and sales, as well as of every
US stockbroker and brokerage firm.[16] However, these Blue Sky laws were generally
found to be ineffective. To increase public trust in the capital markets thePresident of the
United States, Franklin D. Roosevelt, established the U.S. Securities and Exchange
Commission (SEC).[17] The main reason for the creation of the SEC was to regulate
the stock market and prevent corporate abuses relating to the offering and sale of
securities and corporate reporting. The SEC was given the power to license and
regulate stock exchanges, the companies whose securities traded on them, and the
brokers and dealers who conducted the trading. [18]

Detection[edit]

A fraudulent Manufacturer's Suggested Retail Price on a speaker.

For detection of fraudulent activities on the large scale, massive use of (online) data
analysis is required, in particular predictive analytics or forensic analytics. Forensic
analytics is the use of electronic data to reconstruct or detect financial fraud. The steps
in the process are data collection, data preparation, data analysis, and the preparation

of a report and possibly a presentation of the results. Using computer-based analytic

methods Nigrini'swider goal is the detection of fraud, errors, anomalies, inefficiencies,
and biases which refer to people gravitating to certain dollar amounts to get past internal
control thresholds.[19][20]
The analytic tests usually start with high-level data overview tests to spot highly
significant irregularities. In a recent purchasing card application these tests identified a
purchasing card transaction for 3,000,000 Costa Rica Colons. This was neither a fraud
nor an error, but it was a highly unusual amount for a purchasing card transaction.
These high-level tests include tests related to Benford's Law and possibly also those
statistics known as descriptive statistics. These high-tests are always followed by more
focused tests to look for small samples of highly irregular transactions. The familiar
methods of correlation and time-series analysis can also be used to detect fraud and
other irregularities. Forensic analytics also includes the use of a fraud risk-scoring model
to identify high risk forensic units (customers, employees, locations, insurance claims
and so on). Forensic analytics also includes suggested tests to identify financial
statement irregularities, but the general rule is that analytic methods alone are not too
successful at detecting financial statement fraud.>[21]

Notable fraudsters[edit]

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Frank Abagnale Jr., US impostor who wrote bad checks and falsely represented
himself as a qualified member of professions such as airline pilot, doctor, attorney,
and teacher. The film Catch Me If You Can is based on his life.[22]

John Bodkin Adams, British doctor and suspected serial killer, but only found guilty
of forging wills and prescriptions.[23]

Eddie Antar, founder of Crazy Eddie, who has criminal convictions on 17 counts and
about $1 billion worth of civil judgments against him stemming from fraudulent
accounting practices at that company.[24][25]

Jordan Belfort, "The Wolf of Wall Street", who swindled over $200 million via
a penny stock boiler room operation.

Cassie Chadwick, who pretended to be Andrew Carnegie's illegitimate daughter to

get loans.

Columbia/HCA Medicare fraud. Columbia/HCA pleaded guilty to 14 felony counts

and paid out more than $2 billion to settle lawsuits arising from the fraud. [26] The
company's board of directors forced thenChairman and CEO Rick Scott to resign
at the beginning of the federal investigation; Scott was subsequently
elected Governor of Florida in 2010.

Salim Damji is a convicted fraudster who stole millions of dollars in an affinity fraud.
The money came mostly from relatives and members of the close-knit Ismaili
community. His $78 million scam was among the largest in Canadian history.[27]

Edward Davenport self-styled "Lord", nicknamed "Fast Eddie", from 2005 to 2009
he was the "ringmaster" of a series of advance-fee fraud schemes that defrauded
dozens of individuals out of millions of pounds. He is said to have made 34.5
million through his various frauds.

Marc Dreier, Managing founder of Attorney firm Dreir LLP, a $700 million Ponzi
scheme.[28]

Enric Durn defrauded Spanish banks and then gave away the loaned money to
anti-growth organizations.

Bernard Ebbers, founder of WorldCom, which inflated its asset statements by about
$11 billion.

Mehran "Ron" Farhadi, Los Angeles real estate magnate, adjudicated to be lead
conspirator in multimillion-dollar fraud centered on collapse of Los Angeles-area
chain of automobile dealerships[29]

Ramn Bez Figueroa, banker from the Dominican Republic and former President
of Banco Intercontinental. He was sentenced on October 21, 2007 to 10 years in
prison for a US $2.2 billion fraud case that drove the Caribbean nation into
economic crisis in 2003.

Martin Frankel, former U.S. financier, convicted in 2002 of insurance fraud worth
$208 million, racketeering and money laundering.

Samuel Israel III, former hedge fund manager who ran the former fraudulent Bayou
Hedge Fund Group, and faked suicide to avoid jail.

Konrad Kujau, German fraudster and forger responsible for the "Hitler Diaries".

Kenneth Lay, the American businessman who built energy company Enron. He was
one of the highest paid CEOs in the U.S. until he was ousted as Chairman and
convicted of fraud and conspiracy, although, as a result of his death, his conviction
was vacated.[30]

Nick Leeson, English trader whose unsupervised speculative trading caused the
collapse of Barings Bank.

James Paul Lewis, Jr., ran one of the biggest ($311 million) and longest running
Ponzi Schemes (20 years) in U.S. history.

Gregor MacGregor, Scottish conman who tried to attract investment and settlers for
the non-existent country of Poyais.

Bernard Madoff, creator of a $65 billion Ponzi scheme the largest investor fraud
ever attributed to a single individual.

Bill Mastro, sports memorabilia kingpin who altered the famous T206 Honus Wagner
card that eventually sold for $2.8 million. He also engaged in the practice of "shill
bidding" artificially raising bids on items in his auction house.[31]

Matt the Knife, American con artist, card cheat and pickpocket who, from the ages
of approximately 14 through 21, bilked dozens of casinos, corporations and at least
one Mafia crime family out of untold sums.

Gaston Means, a professional conman during U.S. President Warren G. Harding's

administration.

Barry Minkow and the ZZZZ Best scam.

Michael Monus, founder of Phar-Mor, which ultimately cost its investors more than
$1 billion.

F. Bam Morrison, who conned the town of Wetumka, Oklahoma by promoting a

circus that never came.

Lou Pearlman, former boy-band manager and operator of a $300 million Ponzi
scheme using two shell companies.

Frederick Emerson Peters, American impersonator who wrote bad checks.

Thomas Petters is an American masquerading as a business man who turned out to

be a con man and was the former CEO and chairman of Petters Group Worldwide.
[32]
Petters resigned his position as CEO on September 29, 2008, amid mounting
criminal investigations.[33] He later was convicted for turning Petters Group
Worldwide into a $3.65 billion Ponzi scheme[34] and was sentenced to 50 years in
federal prison.

Charles Ponzi and the Ponzi scheme.

Alves Reis, who forged documents to print 100,000,000 PTE in

official escudo banknotes (adjusted for inflation, it would be worth about US$150
million today).

John Rigas, cable television entrepreneur, cofounder of Adelphia Communications

Corporation and owner of the Buffalo Sabres hockey team, defrauded investors of
over $2 billion and was sentenced to a 12-year term in federal prison.

Christopher Rocancourt, a Rockefeller impersonator who

defrauded Hollywood celebrities.

Scott W. Rothstein, a disbarred lawyer from Ft. Lauderdale, Florida, who

perpetrated a Ponzi scheme which defrauded investors of over $1 billion.

Michael Sabo, best known as a check, stocks and bonds forger. He became
notorious in the 1960s throughout the 1990s as a "Great Impostor" with over 100
aliases, and earned millions from such.

Alfredo Senz Abad who lied about bank loans, as a banker so that some
customers to the bank went to prison. Later on he was sentenced to prison, but
managed to get a pardon and kept his job.

John Spano, a struggling businessman who faked massive success in an attempt to

buy out the New York Islanders of the NHL.

Allen Stanford Self-styled banker who sold fake certificates of deposit to people in
many countries, raking in $7 billion to $8 billion over decades.

John Stonehouse, the last Postmaster-General of the UK and MP who faked his
death to marry his mistress.

Kevin Trudeau, U.S. writer and billiards promoter, convicted of fraud and larceny in
1991, known for a series of late-night infomercials and his series of books about
"Natural Cures "They" Don't Want You to Know About".

Richard Whitney, who stole from the New York Stock Exchange Gratuity Fund in the
1930s.

Related[edit]
Apart from fraud, there are several related categories of intentional deceptions that may
or may not include the elements of personal gain or damage to another individual:

Obstruction of justice

18 U.S.C. 704 which criminalizes false representation of having been awarded

any decoration or medal authorized by Congress for the Armed Forces of the United
States

See also[edit]

Caper stories (such as The Sting)

Contract fraud

Corruption

Cramming (fraud)

Creative accounting

Crimestoppers

Deception

Electoral fraud

False Claims Act

Federal Bureau of Investigation (FBI)

Financial crimes

Fraud deterrence

Fraud in the factum

Fraud in parapsychology

Fraud Squad

Friendly fraud

Front running

Geneivat da'at

Great Stock Exchange Fraud of 1814

Guinness share-trading fraud, famous British business scandal of the 1980s

Hoax

Identity management

Impersonator

Internet fraud

Internal Revenue Service (IRS)

Interpol

Journalism fraud

Money laundering

Mail and wire fraud

Organized crime

Placebo

Phishing, attempt to fraudulently acquire sensitive information

Political corruption

Quackery

Quatloos.com

Racketeer Influenced and Corrupt Organizations Act (RICO)

SAS 99

Scam

Secret profits

Shell company

Swampland in Florida

The National Council Against Health Fraud

Tobashi scheme, concealing financial losses

U.S. Securities and Exchange Commission (SEC)

United States Postal Inspection Service

United States Secret Service

White-collar crime

References[edit]

1.

Jump up^ "Basic Legal Concepts". Journal of Accountancy. Retrieved 2013-12-18.

2.

Jump up^ "California Civil Jury Instructions: 1900. Intentional Misrepresentation".

Judicial Council of California. Retrieved 2013-12-27.

3.

Jump up^ need citation

4.

^ Jump up to:a b need citations

5.

Jump up^ "California Criminal Jury Instructions: 1804. Theft By False Pretense".
Judicial Council of California. Retrieved 2013-12-27.

6.

Jump up^ "Criminal Code, Section 380". Laws-lois.justice.gc.ca. Retrieved 2013-12-05.

7.

Jump up^ "Criminal Code, Sections 380.2 - 380.3". Laws-lois.justice.gc.ca.

Retrieved 2013-12-05.

8.

Jump up^ Tony Wong. "The Law of Fraud and White Collar Crime in
Canada" (Pdf). Blake, Cassels & Graydon LLP. Retrieved 2012-04-22.

9.

Jump up^ R. v. Olan et al., [1978] 2 S.C.R. 1175. Full text of Supreme Court of
Canada decision at LexUM

10. Jump up^ R. v. Stewart, [1988] 1 S.C.R. 963. Full text of Supreme Court of
Canada decision at LexUM
11. Jump up^ BBC world service broadcast 29.3.2012.
12. Jump up^ The Fraud Act 2006 (Commencement) Order 2006 - SI 2006 No. 3200
(C.112) ISBN 0-11-075407-7
13. Jump up^ "Report to the Nations on Occupational Fraud and Abuse". Association of
Certified Fraud Examiners. 2010. Archived from the originalon July 7, 2011.
14. Jump up^ "Tax Fraud and the Problem of a Constitutionality Acceptable Definition of
Religion". BJ Casino. American Criminal Law. Rev., 1987
15. Jump up^ "Speech by SEC Staff: remarks at the F. Hodge O'neal Corporate and
securities Law symposium". http://www.sec.gov. 21 February 2003.
16. Jump up^ "Blue Sky Laws". Seclaw.com. 2007-07-07. Retrieved 2013-12-05.
17. Jump up^ "Franklin Delano Roosevelt (1882-1945)". gwu.edu.
18. Jump up^ "Securities and Exchange Commission ("SEC")". learn.advfn.com.
19. Jump up^ "Forensic Analytics". analytics-magazine.org. JulyAugust 2013.
20. Jump up^ "Forensic Data Analytics (FDA)". http://www.exactech.co.
21. Jump up^ Nigrini, Mark (June 2011). Forensic Analytics: Methods and Techniques for
Forensic Accounting Investigations. Hoboken, NJ: John Wiley & Sons Inc. ISBN 978-0470-89046-2.

22. Jump up^ Biography.com Editors. "Frank Abagnale Biography". Retrieved 2015-10-08.
23. Jump up^ . BBC http://news.bbc.co.uk/1/hi/england/sussex/8084489.stm.
Retrieved 2015-10-08. Missing or empty |title= (help)
24. Jump up^ . New York Times http://www.nytimes.com/1993/07/21/business/crazy-eddiefounder-guilty-of-fraud.html. Retrieved 2015-10-08. Missing or empty |title= (help)
25. Jump up^ . New York Times http://www.nytimes.com/1997/02/11/nyregion/founder-ofcrazy-eddie-gets-8-years-in-prison-and-big-fine.html. Retrieved 1025-10-08. Check date
values in: |access-date= (help); Missing or empty |title= (help)
26. Jump up^ "Largest Health Care Fraud Case in U.S. History Settled; HCA Investigation
Nets Record Total of $1.7 Billion" (Press release), U.S. Department of Justice, June 26,
2003, retrieved April 11, 2011
27. Jump up^ "Farberfinancial.com". Farberfinancial.com. Retrieved 2012-02-14.
28. Jump up^ Kokenes, Chris (March 19, 2009), "N.Y. lawyer arraigned in alleged $700M
fraud", CNNMoney.com, retrieved April 10, 2011
29. Jump up^ Judgement and Statement of Decision. Retrieved 27 December 2013.
30. Jump up^ Lozano, Juan A. (17 October 2006). "Judge vacates conviction of Ken
Lay". CBS News. Associated Press. Archived from the originalon November 2, 2012.
31. Jump up^ Michael OKeeffe (2013-10-10). "Bill Mastro admits cutting T206 Honus
Wagner card, pleads guilty to mail fraud". NY Daily News. Retrieved 2013-10-29.
32. Jump up^ Nicole Muehlhausen, BIO: Tom Petters, KSTP.com, September 24, 2008.
Retrieved October 8, 2008.
33. Jump up^ [1] Archived June 15, 2013 at the Wayback Machine
34. Jump up^ Hughes, Art (December 2, 2009). "UPDATE 2-Tom Petters found guilty of
Ponzi scheme fraud". Reuters (Thomson Reuters). RetrievedDecember 10, 2009.

Further reading[edit]

Fred Cohen Frauds, Spies, and Lies and How to Defeat Them. ISBN 1-87810936-7 (2006). ASP Press.

Green, Stuart P. Lying, Cheating, and Stealing: A Moral Theory of White Collar
Crime. Oxford University Press, 2006. ISBN 978-0199225804

Review Fraud Alex Copola Podgor, Ellen S. Criminal Fraud, (1999) Vol, 48, No. 4
American Law Review 1.

The Nature, Extent and Economic Impact of Fraud in the UK. February, 2007.

The Fraudsters How Con Artists Steal Your Money(ISBN 978-1-903582-82-4) by

Eamon Dillon, published September 2008 by Merlin Publishing

External links[edit]
Wikimedia Commons
has media related
to Fraud.
Wikiquote has
quotations related
to: Fraud

The dictionary definition of fraud at Wiktionary

Association of Certified Fraud Examiners

Immigration Marriage Fraud Amendments of 1986

FBI Home page for fraud

U.S. Department of Justice Fraud Section