Commercial fraud includes frauds by and on corporations, frauds in relation to shares and other corporate securities, frauds on the revenue, commodities, and banking and shipping fraud. Some of the contemporary manifestations of fraud in England are outlined, including internal frauds, 'window-dressing,' and bribery. The deficiencies in English law in controlling fraud are the following: (1) the mental element in theft and dishonesty is difficult to work; (2) English law does not define information as property for the purposes of theft; and (3) there are problems with the unauthorized disposition of corporate property. Market manipulation and other dishonest dealings in securities are being dealt with by the new Financial Services Bill, which makes it an offense for a person to do anything which creates a false or misleading impression as to the market in or the price and value of any investments. English law enforcement institutions look fragmented in their attempt to investigate and prosecute fraud cases. The police role is that of investigation, and is essentially reactive. Other agencies, such as the Inland Revenue, Customs and Excise and Department of Trade, are also involved in investigation and criminal proceedings. Fraud trial procedures are fraught with problems, including the unsuitability of jury trials, defense disclosures, and complicated rules of evidence. Lenient sentences and disqualification orders are common in fraud cases. Extraterritoriality and interstate cooperation are discussed. 58 notes.