UK Fraud Act 2006 - Section 5 “Gain” and “loss”
The Fraud 2006 Act gives a statutory definition of the criminal offence of fraud, defining it in three classes – fraud by false representation, fraud by failing to disclose information, and fraud by abuse of position. It provides that a person found guilty of fraud was liable to a fine or imprisonment for up to twelve months on summary conviction (six months in Northern Ireland), or a fine or imprisonment for up to ten years on conviction on indictment.
UK Fraud Act 2006 – Section 5 “Gain” and “loss”
(1) The references to gain and loss in sections 2 to 4 are to be read in accordance with this section.
(2) “Gain” and “loss”—
(a) extend only to gain or loss in money or other property;
(b) include any such gain or loss whether temporary or permanent;
and “property” means any property whether real or personal (including things in action and other intangible property).
(3) “Gain” includes a gain by keeping what one has, as well as a gain by getting what one does not have.
(4) “Loss” includes a loss by not getting what one might get, as well as a loss by parting with what one has.
Fraud Act 2006 - Section 5
Changes to legislation: There are currently no known outstanding effects for the Fraud Act 2006....
Edward de Saram has truly run out of options…
Joseph S R de Saram (JSRDS)