In the United States v. Ferger et al., 1918, the Supreme Court dealt with a case involving fraudulent use of mails and conspiracy to defraud. The defendants were charged with using mail to promote a fraudulent scheme involving land sales in Florida. They argued that they had not committed fraud because their promotional materials did not contain any false statements and they genuinely believed in the success of their venture. However, the court held that even if all statements made by them were technically true, it was still possible for them to commit fraud through concealment or half-truths which created a false impression about the nature of investment risk involved in buying these lands. Therefore, it was ruled that intent could be inferred from misleading representations and omissions regardless of whether there was actual falsehood or deceit involved.

In the dissenting opinion for United States v. Ferger et al., Justice Holmes argued that the defendants' actions did not constitute a conspiracy to defraud the United States government as charged. He contended that while their actions may have been morally questionable, they were not illegal under existing laws and regulations. The defendants had exploited loopholes in patent law to secure exclusive rights over certain goods, but this was permissible within the framework of those laws. According to Holmes, it was up to Congress - not courts - to close such loopholes if deemed necessary. Therefore, he believed that convicting them of fraud would be an overreach of judicial power and set a dangerous precedent for future cases.