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Microcap & Penny Stocks : OILEX (OLEX)
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To: CHRISTINE who wrote (3937)9/1/1998 11:40:00 PM
From: CHRISTINE  Read Replies (3) of 4276
 
Knowledge of the False Representation--Intent to Deceive.

The second element of fraud is knowledge on the part of the misrepresenting party that facts have been falsely represented. This element, normally called scienter, or "guilty knowledge" signifies that there was an intent to deceive.

Proof of intent is not necessary if the circumstances surrounding a transaction are such that one can infer the intent. The act of misrepresentation of fact combined with knowledge
of the fact's falsity normally constitutes an intent to deceive. Statements made with reckless disregard for the truth may satisfy the intent requirement.

Christine
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