Fraud law is the area of state and federal law that defines fraudulent acts, provides a means to prosecute fraud perpetrators, and outlines the type of punishment that guilty fraud criminals may face. Fraud is defined generally as a deceptive illegal act carried out in order to secure unfair or unlawful financial gain at the expense of another person or persons. Fraud law is also commonly referred to as white collar crime law. White collar crime is any illegal act that is done in a professional or business context that secures financial gain for the perpetrator at the expense of the victim. There are many sub-categories of fraud law that outline and enforce statutes based on specific types of fraudulent activity.
Fraud law covers acts of fraud carried out in a number of situations through various means. Fraud law covers acts of fraud that occur in the following industries or professional settings: insurance, securities, health care, government, credit card, and any other business setting. Fraud law also covers fraudulent acts carried out through the following means: the internet (email and World Wide Web), telephone, wire and mail.
Fraud law has been enacted in order to protect consumers and other victims from the serious damages that can be caused by fraudulent actions. The United States government recognizes fraudulent crime as a serious problem in our nation. Both federal and state governments have enacted fraud law and have assigned numerous organizations to help enforce fraud law. The punishments that are possible in a fraud law case conviction are often quite substantial and reflect the government's perspective on the severity of these crimes. Though fraud law violations are usually non-violent, the punishments for white collar crimes are often on par with the punishments for street crimes.
A fraud law violation can be punishable in either a civil or criminal court, depending on the circumstances and the severity of the crime in question. Punishment for fraud law violation can range from fines to imprisonment, and may include a probationary period following the conviction. Punishments for fraud law violation are often much harsher for corporations than for individuals, as monetary fines and imprisonment meet the level of fraudulent activity that was committed in order to sufficiently punish the perpetrator(s).
Fraud law provides consumers and victims of fraudulent acts with legal recourse so that they may be able to seek compensation for their losses. Fraud law specifics vary by state and circumstance. Most fraud law has a statute of limitations which provides for the amount of time in which a fraud lawsuit can be filed. Many government and regulatory agencies have complaint departments where you are able to file a fraud law violation. This can help these agencies track and stop fraudulent activity.
If you have been the victim in a fraud law violation case, you may wish to speak with an attorney who can advise you of your legal rights and options in a case to recover your damages. To learn more about fraud law, please contact us to confer with an attorney.
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