Title 15, Commerce and TradeRelease 119-102
§80a–36 Larceny and Embezzlement
Title 15 › CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS › SUBCHAPTER I — INVESTMENT COMPANIES › § 80a–36
Summary
Taking or using money, securities, or other assets that belong to a registered investment company — whether by stealing, taking without permission, turning them to your own use, or embezzling — is a crime and can be punished under federal law. If a person is convicted or found not guilty in a state court for the same act or acts, that outcome stops a federal prosecution for those same acts.
Full Legal Text
Title 15, §80a–36
Commerce and Trade, Source: USLM XML via OLRC
Whoever steals, unlawfully abstracts, unlawfully and willfully converts to his own use or to the use of another, or embezzles any of the moneys, funds, securities, credits, property, or assets of any registered investment company shall be deemed guilty of a crime, and upon conviction thereof shall be subject to the penalties provided in section 80a–48 of this title. A judgment of conviction or acquittal on the merits under the laws of any State shall be a bar to any prosecution under this section for the same act or acts.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80a–36
Title 15, Commerce and Trade
Last Updated
Aug 21, 2026
Release point: 119-102