A long firm (also known as a consumer credit fraud) is a trading company set up for fraudulent purposes; the basic operation is to run the company as an apparently legitimate business by buying goods and paying suppliers promptly to secure a good credit record;. Once they are sufficiently well-established, the perpetrators then purchase the next round of goods on credit and decamp with both the goods and profits from previous sales. The goods can then be sold elsewhere. The procedure needs a certain amount of money to set up, often the proceeds from another crime or a previous long firm.
Long firm frauds have become significantly less common in recent years since it is no longer possible to operate for any length of time without leaving a significant paper trail.
Famous quotes containing the words long and/or firm:
“Dressed to die, the sensual strut begun,
With my red veins full of money,
In the final direction of the elementary town
I advance for as long as forever is.”
—Dylan Thomas (1914–1953)
“It is meet
That noble minds keep ever with their likes;
For who so firm that cannot be seduced?”
—William Shakespeare (1564–1616)