Financial Fraud: Explained
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A SCARS Guide Based Upon FINRA Information
All fraud uses deception to enrich the fraudsters. In the case of financial fraud, deception and misrepresentation are used in conjunction with financial products, investments, or personal assets such as a house.
While financial fraud encompasses a wide range of illegal behavior, our focus is on frauds that primarily target individuals: Ponzi schemes, mortgage fraud, advance-fee schemes, relationship scams, and credit card theft are all-too-common examples.
In this article we are going to use certain terms interchangeably.