The legal criterion by which fraudulent or predatory motivation is judged is not the "conscience" of the actor. Rather the external manifestations of conscience constitute the test of this motivation. Conduct, rather than subjective thought, is most frequently the standard or test employed by the community. In modern legal systems, conduct is of small significance unless it has some outward consequence which is actually or potentially harmful to the actor or others; fraud is such a consequence.
Carl P. Seuthe, Proximate Cause as a Primary Element of Fraud, 8 Clev.-Marshall L. Rev. 305 (1959)