18 USC § 1348 - Securities and commodities fraud

---
identifier: "/us/usc/t18/s1348"
source: "usc"
legal_status: "official_legal_evidence"
title: "18 USC § 1348 - Securities and commodities fraud"
title_number: 18
title_name: "CRIMES AND CRIMINAL PROCEDURE"
section_number: "1348"
section_name: "Securities and commodities fraud"
chapter_number: 63
chapter_name: "MAIL FRAUD AND OTHER FRAUD OFFENSES"
part_number: "I"
part_name: "CRIMES"
positive_law: true
currency: "119-84"
last_updated: "2026-04-21"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Added Pub. L. 107–204, title VIII, § 807(a), July 30, 2002, 116 Stat. 804; amended Pub. L. 111–21, § 2(e)(1), May 20, 2009, 123 Stat. 1618.)"
---


# § 1348. Securities and commodities fraud

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. 78*l*) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78*o*(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. 78*l*) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78*o*(d));

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

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**Source Credit**: (Added Pub. L. 107–204, title VIII, § 807(a), July 30, 2002, 116 Stat. 804; amended Pub. L. 111–21, § 2(e)(1), May 20, 2009, 123 Stat. 1618.)

## Editorial Notes

### Amendments

2009—, inserted “and commodities” before “fraud” in section catchline.

Pars. (1), (2). , (C), inserted “any commodity for future delivery, or any option on a commodity for future delivery, or” before “any security”.