18 U.S.C. § 1348

Securities and commodities fraud

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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.(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 NotesAmendments

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”.

Notes of Decisions
Cited in 214 cases (90 in the last 5 years), 1961–2026 · leading case: United States v. Blaszczak, 56 F.4th 230 (2d Cir. 2022).
United States v. Blaszczak, 56 F.4th 230 (2d Cir. 2022). · cites it 18× “§ 1343 , and securities fraud in violation of 18 U.S.C. § 1348 ; and convicting 3 certain of the defendants on various counts of conspiring to engage in conduct violating one 4 or more of the above sections, all originating from misappropriation of confidential 5 information…”
United States v. Michael Coscia, 866 F.3d 782 (7th Cir. 2017). · cites it 5× “§§ 6c(a)(5)(C) and 13(a)(2), and with commodities fraud, 18 U.S.C. § 1348 (1). He was convicted by a jury and later sentenced to thirty-six months’ imprisonment.”
United States v. Douglas Decinces, 808 F.3d 785 (9th Cir. 2015). · cites it 11× “The panel dismissed for lack of jurisdiction Mazzo’s interlocutory cross-appeal challenging the district court’s order denying his motion to dismiss the portion of the indictment alleging securities fraud in violation of 18 U.S.C. § 1348 . The panel held that it has no pendent…”
United States v. Mahaffy, 693 F.3d 113 (2d Cir. 2012). · cites it 6× “See 18 U.S.C. §§ 1348 , 1349. In 2009 the government retried the conspiracy count before Judge John Gleeson, with honest services fraud and property fraud as the charged objects of the conspiracy.”
Sec. & Exch. Comm'n v. Mitchell Stein, 906 F.3d 823 (9th Cir. 2018). · cites it 3× “The fourteen-count indictment charged Stein with three counts of securities fraud ( 18 U.S.C. § 1348 ), three counts of wire fraud ( 18 U.”
Livingston v. Wyeth, Inc., 520 F.3d 344 (4th Cir. 2008). · cites it 4× “745, 802-04 (2002), added § 1514A to Title 18 of the United States Code, providing "whistleblower" protection for employees of publicly-traded companies by prohibiting their employers from retaliating against them for providing information or cooperating in investigations…”
Jeffrey Wiest v. Thomas Lynch, 710 F.3d 121 (3rd Cir. 2013). · cites it 2× “) That would seem to point to a violation of 18 U.S.C. § 1348 , which involves fraud in connection with a sale of securities, or of a “rule or regulation of the Securities and Exchange Commission, or any provision of Federal law relating to fraud against shareholders.”
United States v. Blaszczak, 947 F.3d 19 (2d Cir. 2019). · cites it 5× “1 The gravamen of 1The superseding indictment charged Defendants with violating both subsections (1) and (2) of 18 U.S.C. § 1348 , either of which may independently support a conviction.”
United States v. Sushovan Hussain, 972 F.3d 1138 (9th Cir. 2020). · cites it 3× “A few months later, the government superseded the indictment and added one count of securities fraud under 18 U.S.C. § 1348 . The government’s theory for this charge was that Hussain engaged in a scheme to defraud “in connection with” HP securities by “caus[ing] HP to issue a…”
United States v. Greenlaw, 84 F.4th 325 (5th Cir. 2023). · cites it 3× “§ 1349 ( 18 U.S.C. § 1348 ); and eight counts of securities fraud and aiding and abetting, in violation of 18 U.”
Chevron Corp. v. Donziger, 833 F.3d 74 (2d Cir. 2016). “§ 1951 (affecting interstate or foreign commerce “in any way or degree,” by “the obtaining of property from another, with his consent, induced by wrongful use of actual or threatened force, violence, on fear, or under color of official right” or “attempting]” to do so); wire…”
United States v. Robert Harra, Jr., 985 F.3d 196 (3rd Cir. 2021). · cites it 3× “§ 371 (Count One); secu- rities fraud in violation of 18 U.S.C. § 1348 (Count Two); making false statements to the SEC and Federal Reserve in vi- olation of 18 U.”
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