Fraud is defined as the willful or intentional distortion or suppression of facts and evidence for material gain. In legal parlance, it is a crime and the fraudster can be tried in a court of law.
If proven, fraud may constitute grounds for reversal of agreement, cancellation of a deal, and may also include punitive damages to the victim. An example is the consumer court that usually addresses consumer complaints and, if proven, awards monetary refunds or recovery along with monetary damage awards to the victim.
Fraud cases may be defined in terms of civic lawsuits and/or criminal offenses depending on the fraudulent action. While the former may result in monetary compensation, the latter may include compensation and jail time for the fraudster. Some common forms of fraud include mail order fraud, online/wireless fraud, credit card fraud, etc.
The sentence may include incarceration, monetary damages, fines and probation depending on the degree of the crime and whether it was State Fraud or Federal Fraud.