Fraud by Good Faith Defense is a legal defense used to protect an individual from criminal liability for fraudulent activities. This type of defense is most often used in cases involving financial fraud, where the accused has claimed they believed in good faith that the activity was legal. The defense argues that the accused had no knowledge or intent to defraud, or that the accused did not intend to cause harm. There are two types of Fraud by Good Faith Defense: Actual Good Faith and Constructive Good Faith. Actual Good Faith involves the accused having an honest belief that their actions were lawful and justified. Constructive Good Faith means that the accused had a reasonable belief, even if they did not actually believe, that their actions were lawful. Both types of defense are based on the accused having no knowledge or intent to commit fraud.
FRAUD B GOOD FAITH DEFENSE
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FAQ
The good faith defense is that the defendant acted in good faith and did not have the necessary intent to defraud anyone. It does not matter that a person's statement or belief is wrong, there is no action for fraud unless the intent is to deceive is present.
The defense in its current form posits that if the transferee acted in good faith and gave reasonably equivalent value in exchange for the transfer, then the transaction will not be deemed avoidable, and the transferee will escape liability for the transfer.
Section 548(c) of the Bankruptcy Code provides transferees subject to fraudulent conveyance actions with an affirmative defense if they received the transfer for value and in good faith. As with any affirmative defense, the transferee bears the burden of proof.
The good faith defense is that the defendant acted in good faith and did not have the necessary intent to defraud anyone. It does not matter that a person's statement or belief is wrong, there is no action for fraud unless the intent is to deceive is present.