What is the legal definition of fraud?
Fraud is a criminal act and an act of violation of the civil laws. To defraud the people or the entities of valuables or money is a common purpose of the fraud.
Who is called a fraud lawyer?
A Lawyer who handles various kinds of fraud cases is termed as the lawyer dealing with the fraud suits.
Types of lawyers handling the fraud law suits
There are various types of lawyers who deal with the fraud cases. We will list some of these lawyers and discuss their functions in brief:
- Lawyers handling the fraud suits of a consumer:- These Lawyers handle the consumer cases of fraud that deal in the deceptive or the unfair practices carried out by the public limited or private companies in order to obtain the financial benefits at the expense of the consumers
- Lawyers dealing in investment fraud or security fraud or stock fraud:- Security fraud or the investment fraud is the practice that forces investors to take wrong decisions regarding sale or the purchase of shares or stocks that result into the heavy losses and violates the securities laws. Investors who are being cheated bring a claim in National Association of Securities dealer arbitration against the stockholders or the investment professionals for the investment fraud or the securities fraud, stockbroker negligence and violation of the fiduciary duty. These claims and law suits are handled by the lawyers dealing with the investment frauds.
- Lawyers dealing in the mortgage fraud:- These Lawyers handle the mortgage issues related with loans that are created with false documents, false value reports and false information
Skills required by the lawyers dealing with the fraud cases
- Lawyers handling the issues related with the fraud law suits must have the ability to defend or prosecute the persons accused of doing fraud activities that causes the financial damage to an organization or an individual
- Lawyers dealing with the fraud suits must have the ability to handle such law suits where the individuals try to hide the financial status of the firm by providing false and inaccurate information to the public in order to convince the people to make an investment in the firm
- Lawyers handling the cases of fraud must be able to carefully scrutinize the legal facts and gather a substantial proof to create a legal suit
- Lawyers dealing with the fraud law suits must be able to handle the law suits where the individuals try to hide their true salary amount in order to escape the taxes on their income
Educational qualifications required by the lawyers handling the fraud law suits
- It is required to acquired to complete a four year bachelor degree in any discipline for an individual to become eligible for appearing for the Law School Admission Test(LSAT)
- After clearing the Law School Admission Test (LSAT) with satisfactory scores, an individual can get admitted to any law school that is recognized by American Bar Association.
- After doing the three year graduation in law from a particular state the law graduate must clear the state bar exam in order to get a license to practice law in the law court of that particular state
- Before practicing as a lawyer handling the law suits related to fraud ,the law student must work as a legal intern or as a junior legal judicial clerk in the law court or in a small legal firm that deals with the legal issues of fraud so that the law student could get exposure and experience in field of law before he practices law in the law court
- Some of the states in the United States of America also require the law student to clear a separate ethics examination in order to practice law in the court of law
Job description of the lawyers handling the matters of fraud
- Lawyers handling the fraud law suits must be able to deal with the issues of insurance frauds, commercial frauds, RTA frauds and litigation frauds
- Lawyers dealing with the fraud law suits must have a good knowledge of personal injury law as there may be a lawsuit based on the personal injury law also known as law of tort for the fraudulent misrepresentation wherein a loss is suffered by one party after it enters into the business with other party based on the other party’s false statements and false promises
- Fraudulent misrepresentation requires the defendant to make a representation in the court to prove that the fact put up by the other party was false and lawyer handling the fraud law suit for his/her statements made buy the other party
Importance of the lawyers handling the law suits related with the fraud cases
Today there is an increase in the number of fraud cases even in the countries like United States where people make false statements and false claims about their business and the investors are carried away by their false promises and false claims and then suffer heavy losses. Also some companies help in artificial rise in the sensex by purchasing the shares from the market at the cheaper rates during the time when there is a fall in the prices of the shares. This is also a case of fraud and the lawyers dealing in fraud law suits handle such cases of fraud. Thus the demand for the lawyers dealing in the cases of the fraud has increased.
Finally one can say that the career as a fraud lawyer dealing in the fraud law suits has a great demand these days.