---
kind: "section"
citation: "18 U.S.C. § 1348"
title: "18"
title_heading: "Crimes and Criminal Procedure"
number: "1348"
heading: "Securities and commodities fraud"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/18/1348"
units:
  - "Part I — Crimes"
  - "Chapter 63 — Mail Fraud and Other Fraud Offenses"
---

# §1348. Securities and commodities fraud


[Whoever](/usc/18/921.md?p=a-1) knowingly executes, or attempts to execute, a scheme or artifice—

- (1) to defraud any [person](/usc/18/229F.md?p=5) 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](/usc/15/78l.md)) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 ([15 U.S.C. 78o(d)](/usc/15/78o.md?p=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](/usc/15/78l.md)) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 ([15 U.S.C. 78o(d)](/usc/15/78o.md?p=d));

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


## 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.)

## Notes

### 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”.