What is Business Fraud

Home / Blog / What is Business Fraud

Business fraud is, in non-legal terms, fraud in any business activity that resorts to deceitful practices to cause economic injury. Business fraud cases in Los Angeles go beyond an ordinary breach of contract dispute and can happen in transactions involving the sale of a business or real estate, and in contractual disputes. Unfortunately, there are an unlimited number of ways in which it can occur. Generally fraud exists in a business transaction when there are either material false statements by one side, which the other side relies upon to its harm, or intentional omissions of material facts by one side. The one common element in any business fraud situation is dishonestly.

What is the difference between business fraud and consumer fraud?

There is a difference in the eyes of the law between business fraud and consumer fraud in Los Angeles. In legal terms, “Consumer fraud occurs when, in the context of a business transaction, false statements of fact are made, the person making false statements knew that the statements were false when they were made, and that the other party in the transaction relied on the false statements to their detriment.” If you are a consumer who believes that you have been the victim of consumer fraud at the hands of a business or corporation, contact an experienced consumer attorney in Los Angeles.

What are the elements of business fraud?

In order to prove that you have been defrauded by a business, your skilled business attorney must be able to show that all of the following elements of business fraud have been met:

  1. False representation of fact,
  2. Made by another,
  3. With knowledge that the representation was false when it was made,
  4. With an intention to get or induce the plaintiff to act or refrain from acting in reliance on the representation, and
  5. Damage occurred to the plaintiff as a result of the reliance.

As many innocent victims can attest, both business and consumer fraud have become epidemic in our society. From online identity theft (including credit card theft), investors being defrauded, C-level executives embezzling funds, and the general public being swindled at the local car dealership.

Whether you have been the victim of business fraud or consumer fraud in Los Angeles, the law is on your side. The Los Angeles business fraud lawyers at BIKLAW have represented clients in a wide range of fraud claims to great success. Contact them today to learn more.

If you, as an individual or business, have entered into any type of commercial or financial transaction and have been injured monetarily because of fraudulent or deceptive statements or advertising, you have the right to sue for fraud and recover your losses. At The Trial Law Offices of Bradley I. Kramer, M.D., Esq., we represent clients in a wide range of complex contractual matters and have significant experience in holding those responsible for fraud accountable. – See more at: http://www.biklaw.com/fraud-attorney-los-angeles/#sthash.g7KjJKxw.dpuf
If you, as an individual or business, have entered into any type of commercial or financial transaction and have been injured monetarily because of fraudulent or deceptive statements or advertising, you have the right to sue for fraud and recover your losses. At The Trial Law Offices of Bradley I. Kramer, M.D., Esq., we represent clients in a wide range of complex contractual matters and have significant experience in holding those responsible for fraud accountable. – See more at: http://www.biklaw.com/fraud-attorney-los-angeles/#sthash.g7KjJKxw.dpuf
Related Posts