Reflections on Fraud and Lawyer Ethics
Michael Ambrosio, Professor of Law, Seton Hall University School of Law
Fraud is an intrinsic wrong that has an infinite variety of forms. The problem of fraud is endemic to a market economy. Common law legal and equitable doctrines have been used by courts for centuries to provide remedies for fraud. Legislation regulating and policing the marketplace has sought to prevent fraud by imposing criminal or civil sanctions on its perpetrators. Every state has a consumer fraud statute for the pursuit of public and private remedies. Despite a host of state and federal statutes and common law remedies dealing with the problem of fraud, it continues to be a major social problem. The Association of Criminal Fraud Examiners reported that more than $4.7 trillion is lost annually to occupational fraud worldwide.
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