The facts and holdings in McNally v. United States and Carpenter v. United States are discussed in detail, with emphasis on the definition of fraud in the mail fraud statute. The holdings in both cases require the government to prove that a victim suffered or could have suffered economic harm and the defendant stood to gain unjust enrichment. As the result of the holding in Carpenter, the deprivation of an intangible interest that could give rise to economic harm may form the basis of the fraud prosecution. A defendant who knowingly makes false representations or breaches a fiduciary duty and thereby obtains property to which he is not entitled is guilty under the mail fraud statute. The burden is on the government to prove false pretenses or breach of a duty to disclose. 294 footnotes.