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LSDefine
Simple English definitions for legal terms
criminal fraud
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A quick definition of criminal fraud:
Criminal fraud is when someone lies or hides important information to trick another person into doing something that hurts them. It can be a crime and the person who does it can be punished with fines or even go to jail. Examples of criminal fraud include lying on a tax return or tricking someone into giving them money. It's important to always tell the truth and not try to deceive others.A more thorough explanation:
Definition: Criminal fraud is a type of fraud that is illegal and can result in criminal penalties such as fines and imprisonment. It involves knowingly misrepresenting the truth or concealing a material fact to induce another person to act to their detriment. Fraud can also be a tort, which is a civil wrong that causes harm to someone, but in some cases, it can be a crime.
Examples:
- Bank fraud: This is the criminal offense of knowingly executing or attempting to execute a scheme or artifice to defraud a financial institution or obtain property owned by or under the control of a financial institution by means of false or fraudulent pretenses, representations, or promises.
- Bankruptcy fraud: This is a fraudulent act connected to a bankruptcy case, such as concealing assets or destroying, withholding, or falsifying documents in an effort to defeat bankruptcy-code provisions.
- Tax fraud: This is the willful evasion of taxes accomplished by filing a fraudulent tax return.
These examples illustrate criminal fraud because they involve intentionally deceiving others for personal gain, which is illegal and can result in criminal penalties.