Concept information
Preferred term
savings and loan fraud
Definition
- SAVINGS and loan fraud refers to false representations or failure to disclose significant information with the intent of denying the savings and loan association of assets that legally belong to the savings and loan association. Perpetrators of savings and loan fraud are employees, owners, or persons closely affiliated with a savings and loan, who are in a position of trust and violate that trust for the purpose of enriching themselves at the expense of the owners and depositors of the savings and loan.A savings and loan is a type of financial institution that takes deposits and, as originally conceived in the 1930s, uses the deposits for making mortgage loans to consumers. [Source: Encyclopedia of White-Collar & Corporate Crime; Savings and Loan Fraud]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/savings_and_loan_fraud
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