18 U.S.C. § 1348
Section 1348 · Securities fraud
This is § 807 of the Sarbanes-Oxley Act of 2002
Amended 2 times on record
Applied in 114 court decisions — leading case United States v. Hasson (2003)
Most recently applied in United States v. Greenlaw (October 2023)
Cases citing this section usually also cite 18 U.S.C. § 1343 · 18 U.S.C. § 1514A · 18 U.S.C. § 1341
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
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.
Editorial notes U.S. Code · Office of the Law Revision Counsel
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”.