in Christian and Jewish tradition, Satan was an angel who betrayed his benefactor (God). i think that this makes fraud rather suitable as the 9th circle and also explains his bat wings.
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In the 3rd circle of Dante's Inferno, the Gluttonous are torn apart(eaten) by Cerberus the three-headed dog. Flatters are found in the 8th circle and they are who is plunged in excrement. They were full of it in life so they are full of it in death.