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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 50 / 352

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© D.L. Crumbley

Fraud

Legally, Black’s Law Dictionary defines fraud as:

All multifarious means which human ingenuity can devise, and which are resorted to by one individual to get an advantage over another by false suggestions or suppression of the truth, and includes all surprise, trick, cunning or dissembling, and any unfair way by which another is cheated.

The four legal elements to fraud are

A false representation or willful omission regarding a material fact.

The fraudster knew the representation was false.

The target relied on this misappropriation.

The victim suffered damages or incurred a loss.

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Institute of Internal Auditors definition:

Any illegal acts characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the applications to obtain money, property, or services; to avoid payment or loss of services; or to secure personal or business advantage.

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