On March 28, 2008, Jack Investor was sitting at home when the phone rang.Jack picked up the phone and the other party on the conversation began as follows. . .

"Have you heard of the Cosmopolitan Resort Casino, the construction project on the Vegas strip in which the developer recently defaulted on a loan?The primary lender, Deutsche Bank, has foreclosed, and because of the credit crisis, would like to liquidate the property as quickly as possible.

"My company, Vegas Bailout, Inc., has decided to make a bid in Deutsche Bank's auction.We are hoping to raise $ 1.3 Billion in cash by Tuesday, April 1, in order to submit a bid.We are selling "investment units" at a price of $ 10,000 per unit in order to raise cash for our bid, and if we fail to win the bid, the full amount would be refunded.We are hoping to resell the property to another developer by the end of the summer, and any profits associated with our bid will be allocated proportionately between the units sold.Please understand that this is a risky proposition."

Based on the information provided above, after sleeping on it for one day, Jack Investor decided to wire transfer $ 10,000 of cash to the bank account that the caller mentioned.On April 15, 2008, Jack Investor called the phone number indicated for Vegas Bailout Inc.The phone number was disconnected, and eventually Jack learned that the parties with whom he had spoken had taken all of the investor's money and had lost it gambling.

QUESTION

If this case went to the Supreme Court, and they followed their historical precedent, would Vegas Bailout, Inc. be found guilty of fraud?Support your answer by indicating whether each of the elements of fraud are present in this case.