Business fraud is rapidly expanding in the state of Texas and throughout the United States. It’s increasingly common to come across news stories about instances of deceptive trade practices, business fraud or financing fraud. Even senior citizens are at risk of having their retirement income and financial savings stolen as the result of deceptive sales pitches or business practices.
Deceptive Trade Practices
There are so many ways to defraud unsuspecting consumers. False advertising, real estate swindles, bad faith denials of coverage and countless other forms of economic fraud cost consumers countless millions of dollars every year.
Dealing with consumers deceitfully for the purpose of inflicting financial injury is illegal. The victims of fraudulent business practices should immediately speak with an experienced business fraud lawyer to pursue justice under the law. Any consumer transaction intended to mislead a customer, including the purposeful use of false statements of fact, are prohibited under federal and Texas law. A fraudulent consumer transaction typically includes the following basic elements:
- False representation of fact
- The false representation was made by a party other than the consumer
- Specific knowledge that the false representation was false when made
- The purveyor of the misrepresentation intended to induce the consumer to act in a manner that was detrimental to the consumer
- Damage was inflicted because of the misrepresentation
Illegal Fraudulent Practices
When someone purchases a product or service that doesn’t work as advertised, it may be necessary to take legal action to obtain financial relief. Among the kinds of fraudulent practices that may require legal action are the following:
- Fraudulent charitable causes
- Identity theft
- Defective products
- Denial of insurance coverage
- Travel scams
- Financial services fraud
- Financial fraud or embezzlement by a family member
- Online pharmacy scams
- Investor fraud
Financing Fraud in Court
State and federal consumer protection laws are intended to protect victims from fraudulent practices that impose economic harm. Winning a fraud lawsuit on behalf of a victim requires specific knowledge of consumer rights under the law. A thorough investigation of the available evidence and the alleged perpetrator will also be necessary.
Consumer and business fraud have reached epidemic proportions. Vulnerable consumers, especially elderly men and women, deserve legal protection. Protecting the legal rights of every victim is a matter of vital importance.
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