What is the difference between private and public fraud?

The main difference between private and public fraud is the type of victims they affect. Private fraud is when a person or group of people commit fraud against one or more individual or business. These crimes are often motivated by financial gain and include things such as identity theft, embezzlement, or insider trading. The victims of private fraud are typically specific organizations or individuals. Public fraud, on the other hand, is when a person or group of people commit fraud against the government. These crimes are often motivated by obtaining financial or other benefits from a public institution, such as Medicare or Social Security fraud. The victims of public fraud are typically the taxpayers, as they are the ones that indirectly fund any government programs that are impacted by the fraud. In Virginia, all forms of fraud are punishable by law. People who are found guilty of fraud in Virginia can be charged with a misdemeanor or a felony, depending on the severity of the crime. A person convicted of fraud can also be subject to repayment of the ill-gotten gains, civil penalties, and jail time.

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What is the difference between private and public fraud?

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