§1348 — Title 18 Crimes and Criminal Procedure | U.S. Code

Summary

It is a crime to knowingly carry out or try to carry out any plan to cheat or deceive people when trading commodities for future delivery, options on those commodities, or certain company securities that must register or file reports under the Securities Exchange Act of 1934 (section 12 or section 15(d)). It is also a crime to use lies, false promises, or other fraud to get money or property when buying or selling those futures, options, or the covered securities.

Title 18, §1348

Crimes and Criminal Procedure — Source: USLM XML via OLRC

Whoever knowingly executes, or attempts to execute, a scheme or artifice—

(1)to defraud any person in connection with any commodity for future delivery, or any option on a commodity for future delivery, or any security of an issuer with a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)); or

(2)to obtain, by means of false or fraudulent pretenses, representations, or promises, any money or property in connection with the purchase or sale of any commodity for future delivery, or any option on a commodity for future delivery, or any security of an issuer with a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d));

Notes & Related Subsidiaries

Editorial Notes

Amendments

2009—Pub. L. 111–21, § 2(e)(1)(A), inserted “and commodities” before “fraud” in section catchline. Pars. (1), (2). Pub. L. 111–21, § 2(e)(1)(B), (C), inserted “any commodity for future delivery, or any option on a commodity for future delivery, or” before “any security”.

§1348 Securities and Commodities Fraud

Summary

Title 18, §1348

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata