What Is Fraud?

Black’s Law DictionaryIntentional perversion of truth,False representation of a matter of fact,Whether by words or conduct False, misleading, concealment of that which should have been disclosed For the purpose of inducing another,In reliance upon perversion of truth ,To part with some valuable thing belonging to him or to surrender a legal right.Black’s Law Dictionary: “An intentional perversion of truth for the purpose of inducing another in reliance upon it to part with some valuable thing belonging to him or to surrender a legal right; a false representation of a matter of fact, whether by words or by conduct, by false or misleading allegations, or by concealment of that which should have been disclosed, which deceives and is intended to deceive another so that he shall act upon it to his legal injury.” “Bad” Fraud---Acquirer Overpays,Earnings management,False revenue recognition schemes,Costs and expenses schemes Understatement of liabilities,Illegal conduct,Liability for past conduct,Impact upon future earnings Good” Fraud----Acquirer Underpays ,Misconduct that if discovered, reduces costs and increases earnings