PRIA Logo™
Title 18, Crimes and Criminal ProcedureRelease 119-110

§1348 Securities and Commodities Fraud

Title 18 › PART I — CRIMES › CHAPTER 63 — MAIL FRAUD AND OTHER FRAUD OFFENSES › § 1348

Last updated Sep 22, 2026|Official source

Summary

Makes it a crime to knowingly carry out or try to carry out a plan to cheat someone in connection with futures contracts, options on futures, or securities of companies that are registered with the SEC or must file regular reports. It is also a crime to get money or property by lying, false promises, or other fraud when buying or selling those futures, options, or registered securities. A person convicted can be fined, put in prison for up to 25 years, or both.

Full Legal Text

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));
shall be fined under this title, or imprisoned not more than 25 years, or both.

Legislative History

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”.

Reference

Citations & Metadata

Citation

18 U.S.C. § 1348

Title 18, Crimes and Criminal Procedure

Last Updated

Sep 22, 2026

Release point: 119-110