What is the difference between private and public fraud?

Private and public fraud refer to different kinds of white collar crimes. Private fraud is when an individual, company, or organization uses deception or illegal means to obtain an unfair or illegal financial gain. These types of fraud typically involve one or several individuals engaging in activities such as embezzlement, Ponzi schemes, financial statement fraud, and cyber-crime. Public fraud, on the other hand, is committed by people in a position of trust, such as government officials. These individuals may use their position and power for personal gain by engaging in activities such as bribery, kickbacks and accepting unlawful payments. Public fraud also involves taking advantage of government programs, such as misusing funds from welfare programs or falsifying claims for federal aid. Both types of fraud are illegal and, if prosecuted, may result in fines, jail time, or other criminal penalties. In addition, those convicted of fraud may also face civil penalties, such as repayment of the stolen funds, forfeiture of assets, and court-mandated restitution. In California, white collar crimes are investigated and prosecuted by the Office of the Attorney General.

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