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15 U.S.C. § 80a–36 — Larceny and embezzlement

submitted 86 years ago by ch. 686 to r/title-15-COMMERCE-AND-TRADE · 91 words · no verdicts yet

in plain englishAI-generated · not legal advice

Stealing or embezzling a registered fund's money, securities, or property is a crime. A conviction brings the penalties listed in section 80a–48. A state conviction or acquittal for the same act blocks a second case under this section.

Anyone who steals, unlawfully takes, willfully converts to their own or another's use, or embezzles the money, funds, securities, credits, property, or assets of a registered investment company is guilty of a crime. On conviction, the penalties in section 80a–48 apply. A conviction or acquittal on the merits under a state's laws, for the same act, bars a prosecution under this section for that act.
the actual law source: uscode.house.gov ↗public domain

Whoever steals, unlawfully abstracts, unlawfully and willfully converts to his own use or to the use of another, or embezzles any of the moneys, funds, securities, credits, property, or assets of any registered investment company shall be deemed guilty of a crime, and upon conviction thereof shall be subject to the penalties provided in section 80a–48 of this title. A judgment of conviction or acquittal on the merits under the laws of any State shall be a bar to any prosecution under this section for the same act or acts.

Source credit: (Aug. 22, 1940, ch. 686, title I, § 37, 54 Stat. 841.)

history & why it existsrecord from the source credit
  • 1940Enacted · Act of Aug. 22, 1940, ch. 686 · 54 Stat. 841

A history note hasn’t been published yet. The record shows enactment by ch. 686 on 1940-08-22.

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