What is the maximum penalty for fraud under the Fraud Act?

Under the Fraud Act, the maximum penalty for fraud is indeed ten years' imprisonment and an unlimited fine. This reflects the seriousness of fraud as an offense, which can have significant financial and emotional impacts on victims. The possibility of an unlimited fine serves as a deterrent to potential offenders, emphasizing the legal system's stance on maintaining integrity in financial transactions and protecting individuals and businesses from fraudulent activities.

The seriousness of the crime necessitates stringent penalties to deter individuals from engaging in such behavior, which could undermine trust in various sectors of commerce and society. The option that indicates five years and a fine or shorter terms does not adequately reflect the gravity of the repercussions that can arise from committing fraud as defined under the Act. Similarly, a penalty of twenty years imprisonment is not applicable since it exceeds the maximum stipulated by the Fraud Act. A one-year imprisonment with a fixed penalty significantly downplays the complexity and severity of fraudulent actions, making it insufficient to address the impact of such crimes.