The Champion

June 2003 , Page 45 

Search the Champion Looking for something specific?

Preview of Member Only Content

For full access: login or Become a Member Join Now

Section 1348: What is 'in connection with’ the sale of securities?

By Kathryn Keneally

Read more White-Collar Crime columns.

The Sarbanes-Oxley Act, passed in July 2002, added Section 1348, Title 18, to the U.S. Code, entitled as the specific crime of securities fraud.1 This is one of several provisions of Sarbanes-Oxley as to which it may be fairly argued that previously existing remedies already addressed the conduct targeted by the new legislation. Indeed, the state of the law before the enactment of Section 1348, and the possible reach of Section 1348, must be viewed in light of the U.S. Supreme Court decision in SEC v. Zandford,2 which was decided nearly two months before the enactment of Sarbanes-Oxley.3   

Section 1348: The newly created offense

Section 1348 provides for a fine, and imprisonment of up to 25 years, for any person who “knowingly executes, or attempt to execute, a scheme or artifice” either “to defraud any person in connection with any security” or “to obtain, by means of false or fraudulent pretenses, representations, or promises, any money or property in connection with th

Want to read more?

The Champion archive is reserved for NACDL members.

NACDL members, please login to read the rest of this article.

Not a member? Join now.
Join Now
Or click here to see an overview of NACDL Member benefits.

See what NACDL members say about us.

To read the current issue of The Champion in its entirety, click here.

  • Media inquiries: Contact NACDL's Director of Public Affairs & Communications Ivan J. Dominguez at 202-465-7662 or
  • Academic Requests: Full articles of The Champion Magazine are available for academic and research purposes in the WestLaw and LexisNexis databases.

In This Section

Advertisement Advertise with Us