Fraud applies to any crime for gain that uses deception or a knowing misrepresentation of the truth. Fraud includes any intentional act that deprives someone else of property or money through unfair means. Businesses and individual consumers can fall victim to fraudulent scams. There are two main types of fraud:
Business fraud is an intentional misrepresentation of important facts or failure to disclose important facts, causing the other party to change their position to their detriment.
Elements of business fraud:
- False representation of fact made by a person or corporation
- Knowledge that the representation was false when it was being made
- An intention to get or induce the plaintiff to act or refrain from acting in reliance on the representation
- Damage occurred to the plaintiff as a result of the reliance
Consumer fraud occurs when false statements of fact are made during a business transaction, the person or corporation making false statements knew that the claims were false at the time they were made, and that the other party in the transaction relied on the false statements to their detriment.
Examples of consumer fraud:
- Insurance fraud
- Mail fraud
- Charity fraud
- Digital fraud
- Creditor fraud
- Mortgage fraud
- Telemarketing fraud
- Investment fraud
- Disaster fraud
- Identity theft
Unfortunately, fraud has become increasingly common in today’s culture. The media reports identity theft, credit card fraud, investment scams, and other forms of fraud nearly every day. Whether it’s a business or consumer being targeted, falling victim to have fraud can have lasting, devasting effects. Businesses can suffer from financial impacts, reduced customer bases, unintended legal consequences, and more.
Contact Burg Simpson for Help with Fraud Cases
If you need strong courtroom advocacy in a financial or investment dispute or a fraud case, the experienced business and commercial lawyers at Burg Simpson are ready to serve you. Contact our team today by calling (800) 544-5484 or filling out our FREE case evaluation form to get started with your claim.