The Black’s Law Dictionary defines fraud as a knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment. According to the ACFE, “fraud is the intentional misrepresentation of a material fact, to cause again to one party and a loss to another party.” From this we see the elements of fraud: (1) Intent (You are of sound mind. Know the right thing to do in the circumstances). (2) Misrepresentation (you tell lies knowingly i.e., misleading statement of fact). (3) For personal or friend’s benefit. (4) At the loss or…