What is the good-faith defense to a charge of intent to defraud?

One who expresses an honestly-held opinion or an honestly-formed belief cannot be charged with fraudulent intent even though the opinion turns out to be erroneous or the belief is mistaken.  Similarly, evidence which establishes only that a person made a mistake in judgment or an error in management or was careless does not establish fraudulent intent.

However, an honest belief by an accused individual that a particular business venture was sound and would ultimately succeed would not, by itself, constitute good faith if, in carrying out that venture, the accused knowingly made false or fraudulent representations to others with the specific intent to deceive them.