Fraud Defined
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FRAUD DEFINED

Fraud is a false representation of a matter of fact. The misrepresentation can be by words or conduct or concealment of what should have been disclosed. It is done for the purpose of financial or personal gain and is often an element of embezzlement. The four types of deceit are:

1. Intentional Misrepresentation. A statement made with the intent to deceive, that is known to be false or made recklessly and without regard to whether it is true or not..  

2. Concealment. Hiding information or preventing it from being known to the detriment of another person.

3. False Promise. A person makes a promise without any intention of performing it.

4. Negligent Misrepresentation. A careless or inadvertent false statement in circumstances where care should have been taken.

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Adams Stirling PLC