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fraud |
Also found in: Medical, Legal, Financial, Encyclopedia, Wikipedia | 0.04 sec. |
fraudIn law, an act of deception resulting in injury to another. To establish fraud it has to be demonstrated that (1) a false representation (for example, a factually untrue statement) has been made, with the intention that it should be acted upon; (2) the person making the representation knows it is false or does not attempt to find out whether it is true or not; and (3) the person to whom the representation is made acts upon it to his or her detriment. A contract based on fraud can be declared void, and the injured party can sue for damages. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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This negative perception is most likely due to the fact that scandals of extortion, false accounting, and coverup are quite newsworthy, but the CEO who diligently follows the rules never makes primetime news. So now there is the case of Betty Vinson, a quite-anonymous accountant making 80 grand a year at a big telecom company who suddenly found herself in a bad place: being asked by her boss to make false accounting entries. The false accounting resulted in the huge loss to investors, and a $1 million-plus loss by a finance company, U. |
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