Offence of fraud

A person who– (a) makes any representation as to fact or law, whether express or implied, which is untrue or misleading; (b) fails to disclose any information which he is under a legal duty to disclose; or (c) occupies a position in which that person is expected to safeguard the financial interests of another person and that person abuses that position; and knowingly or recklessly, makes that representation, fails to disclose or abuses that position to make a gain for himself or another person or to cause loss to another person or to expose another person to a risk of loss, commits the offence of fraud and is liable on conviction on indictment to a fine of one hundred thousand dollars or imprisonment for a term of ten years or both.