Fraud is intentional deception that is committed for personal gain. Fraud can be committed through many methods, including mail, wire, phone, and the internet. Other areas of fraud include bankruptcy fraud; fraud in connection with psychic and occult; creation of false companies ;taking money which one has been entrusted with on behalf of another party; false advertising; false billing; false insurance claims; forgery of documents or signatures; selling of quack medicines; tax fraud; marriage fraud to obtain immigration benefits and securities frauds.
The common law elements of fraud are:
Common law fraud has nine elements:
- a representation of an existing fact;
- its materiality;
- its falsity;
- the speaker’s knowledge of its falsity;
- the speaker’s intent that it shall be acted upon by the plaintiff;
- plaintiff’s ignorance of its falsity;
- plaintiff’s reliance on the truth of the representation;
- plaintiff’s right to rely upon it; and
- consequent damages suffered by plaintiff.