Federal · Title 15 — Commerce and Trade

15 U.S.C. § 77q: Fraudulent interstate transactions

Felony

What this law says, in plain English

This statute prohibits using interstate commerce or mails to commit fraud involving securities or property through false statements, material omissions, or deceptive practices, and requires full disclosure of consideration received for security descriptions.

Read the full statutory text

to employ any device, scheme, or artifice to defraud, or to obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser. It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof. The exemptions provided in section 77c of this title shall not apply to the provisions of this section. The authority of the Commission under this section with respect to security-based swap agreements (as defined in section 78c(a)(78) of this title ) shall be subject to the restrictions and limitations of section 77b–1(b) of this title .

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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.