What is the difference between private and public fraud?

The main difference between private and public fraud is the entity or individuals who suffer the economic losses. Private fraud typically involves intentional deception for personal gain, such as embezzlement or insider trading. In this instance, the private company or individual is the victim of the crime. Public fraud, on the other hand, is fraud or corruption committed by public officials or those acting on behalf of the government. In these cases, it is not necessarily an individual or business owner who suffers the economic loss, but rather the government and the public at large. In South Dakota, private fraud, or white collar crimes, is outlined in state statutes, and punishments are normally less severe than those for public fraud. Private fraud is usually addressed in civil court, and those found guilty are typically subject to monetary fines. Public fraud, however, is generally criminally prosecuted and is subject to harsher penalties, such as imprisonment. The legal system holds public fraudsters to a much higher standard, as these types of fraud usually involve stealing public funds or economic losses to the public. South Dakota statutes prohibit public corruption and the misuse of public funds, and those found guilty may face hefty fines or possible jail time. Private fraud, on the other hand, is riskier and may be harder to prove, but does not necessarily carry the same stigma as public fraud.

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What is the difference between private and public fraud?

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