Fraud occurs when a party intentionally deceives another, or fails to provide information the party is required to provide, with the intent to damage another party.  Fraud can also arise when a person fails to correct a known misperception.

Fraud Results

We recovered over $2,600,000 for a construction and lighting business which had the money stolen from its corporate profit sharing plan by one of its employees. The recovery was from a series of defendants including the former employee, the investment advisor firm, the national accounting firm and the corporate administrator of the profit sharing plan.

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Elements of Fraud

  • First, the plaintiff must show the defendant made a false statement of material fact.
  • Second, the defendant must have known that the statement was false.
  • Third, the defendant must have intended to induce the plaintiff to act by making the misrepresentation.
  • Fourth, the plaintiff must have relied on the truth of the statement of fact.
  • Finally, the plaintiff must have incurred damages as a result of her reliance on the misrepresentation.

Fraud Results

We recovered over $2,600,000 for a construction and lighting business which had the money stolen from its corporate profit sharing plan by one of its employees. The recovery was from a series of defendants including the former employee, the investment advisor firm, the national accounting firm and the corporate administrator of the profit sharing plan.

View Fraud Results

 

Elements of Fraud

  • First, the plaintiff must show the defendant made a false statement of material fact.
  • Second, the defendant must have known that the statement was false.
  • Third, the defendant must have intended to induce the plaintiff to act by making the misrepresentation.
  • Fourth, the plaintiff must have relied on the truth of the statement of fact.
  • Finally, the plaintiff must have incurred damages as a result of her reliance on the misrepresentation.

Damages in Fraud Cases

In fraud cases, a plaintiff must prove that she was damaged by the defendant’s misrepresentation. She may seek to recover compensatory damages under a “benefit of the bargain” theory, asking the court to restore her to the place that she would have been in had the defendant’s statements been true. Recoverable damages must have a clear causal connection to the fraud and may not be speculative.

Because fraud is an intentional tort, courts may also award punitive damages to the plaintiff. These damages are meant to punish a defendant for his bad conduct, and are not based on actual economic harm to the plaintiff.

Contact a Fraud Attorney Today

David A. Axelrod & Associates has the experience and breadth of knowledge to evaluate the fraud claim that resulted in your major damages.
Call us today at 312-782-4600 for your free consultation to determine whether the firm may be able to help you.

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