What Are Fraud and What Are the Elements of Fraud

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Four Elements of Fraud

Fraud is the act of illegally obtaining money for personal gain through deceptive tactics. Legally, an action is considered fraudulent if it adheres to all the elements of fraud (Rabin, 2019). First, there needs to be an intentionally false representation of facts. Secondly, the offender knew he was giving a misrepresentation. Thirdly, the defendant had the objective of deceiving the victim. Fourthly, the victims entirely relied on false facts. Lastly, the victim suffered personal or financial damage as a result of his/her reliance on incorrect information. The purpose of this paper is to analyze the criminal acts of fraud committed by various individuals.

 

Barclays bank officials were charged with fraud after they tried to recompense Qatar investors through an advisory service agreement. Roger Jenkins, Tom Kalaris, and Richard Boath were indicted for committing the offense in 2008 while in Qatar (Verity, 2019). They committed the offense of paying additional commission to Qatar investors to safeguard their investment towards the bank. The act constitutes corporate fraud as it involves all the five elements of fraud. There is a possibility of a re-occurrence of the scam since the bank officials only intended to save the bank from the 2008 financial crisis.

Two bankers, Martin Shields and Nicholas Diable, are accused of defrauding Germans through a share-trading scheme (O’Donnell, 2019). It is alleged that between 2006 and 2011, they intentionally defrauded individuals and companies in Germany by integrating a consortium of German banks (O’Donnell, 2019). They committed the fraud for personal financial gain as well as to avoid payment of taxes. The fraud was successful since it meets all the stipulated elements. It is unlikely that the deception could happen again since the German government has close surveillance on the banks.

Summary

In summary, fraud incorporates a false representation of a fact by a person who is intent on personally gaining from the misrepresentation. There is a concept of trust between the fraudsters and the victims. This trust causes the victims to entirely rely on false facts, thus suffering personal or financial injury as a result of their reliance on inaccurate information. A Court of law will only consider the act as fraudulent if it involves all the five elements of fraud. The probability of a fraud reoccurring is always high, especially when the underlying factors are still available.

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