Quote:
Originally Posted by Peter_Spaeth
David, arguably the difference in your example is that the misrepresented fact was not material to the buyer. But if it was material -- for example let's say they advertised some super premium expensive brand of coffee but instead without telling you substituted some cheap generic junk and you paid the premium prce -- then yeah that would be fraud too. Here, Larry represented his cards were something they were not, and for whatever reason, that made people willing to pay more for them than had he told the truth. Knowing misrepresentation of a material fact. Fraud.
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Doesnt this happen a lot of time in the fish industry? From fishermen to middle men to restaurants, often time you are not eating the premium fish you ordered, and if the chain of custody can be traced, people pay big fines, but it's almost impossible in that industry to go step by step.