18 U.S.C. 1348, Securities and commodities fraud: How Federal Cases Ended, FY2016–2025
Only 70 federal defendants had cases end under 18 U.S.C. 1348 in fiscal years 2016 to 2025, and 15 of them (21%) went to trial. Of those 15 trials, 5 ended in an acquittal (33%). Most defendants were convicted: 49 of 70 (70%), and 45 of the 49 (92%) received a prison term on this charge, with a medi
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In brief: Only 70 federal defendants had cases end under 18 U.S.C. 1348 in fiscal years 2016 to 2025, and 15 of them (21%) went to trial. Of those 15 trials, 5 ended in an acquittal (33%). Most defendants were convicted: 49 of 70 (70%), and 45 of the 49 (92%) received a prison term on this charge, with a median of 26.5 months (2.2 years).
This post uses the Federal Judicial Center's records of 70 federal defendants whose cases ended in fiscal years 2016 to 2025. The series also draws on the U.S. Sentencing Commission's records of 659,036 people sentenced in fiscal years 2016 to 2025. It is part of the Federal Prosecution Analysis series, which builds on Military Moves Toward Sentencing Guidelines to Mirror the Federal System. How the numbers were built: How the Federal Comparison Data Was Built.
A Small Group With Many Trials
The heading of this section in the U.S. Code is "Securities and commodities fraud". The Federal Judicial Center counts 70 defendants whose most serious charge at the end of the case fell under it.
The trial share was 21%, and 15 cases is a small number for any rate. A single verdict changes the acquittal rate by several points, so the numbers below describe these cases and do not set a rate to expect.
Jury and Bench Verdicts
Juries heard 12 trials and acquitted in 2 (17%). Judges heard 3 bench trials and acquitted in all 3 (3 of 3).
A group of 3 bench trials cannot support a rate. The records also do not say why any defendant chose a bench trial or what evidence was presented.
Guilty Pleas and Dismissals
A guilty plea ended 39 cases (56%). Dismissal ended 16 (23%).
A dismissal in these records means the charges were dismissed, including on the government's motion. One example is a case dismissed after the defendant pleaded guilty in another case. The records do not show the reason in any single case.
Charge Level and Prison
All 70 charges were felonies (100%). No misdemeanors or petty offenses were recorded.
Of the 49 convicted, 45 received a prison term on this charge. Among terms of 1 month or more, the median was 26.5 months (2.2 years), the middle value when the terms are ranked.
Who Represented the Defendants?
Private (retained) counsel represented 53 defendants (76%). Of those, 51% pleaded guilty, 25% had their cases dismissed, and 13 went to trial, with 4 acquittals (31%).
The appointed groups were small. CJA panel attorneys, private lawyers appointed by the court, represented 9 defendants: 8 of 9 pleaded guilty and 1 went to trial without an acquittal. Federal public or community defenders represented 6: 4 of 6 pleaded guilty, and the 1 trial ended in an acquittal.
Groups this size cannot be compared in a meaningful way. The figures describe groups of cases, not the quality of lawyers, and defendants with hired or appointed counsel face different charges and circumstances.
| Type of counsel at the end of the case | Defendants | Pleaded guilty | Dismissed | Trials | Acquitted at trial |
|---|---|---|---|---|---|
| Federal public or community defender | 6 | 4 of 6 | 1 of 6 | 1 | 1 (1 of 1) |
| CJA panel attorney | 9 | 8 of 9 | 0 of 9 | 1 | 0 (0 of 1) |
| Private (retained) counsel | 53 | 51% | 25% | 13 | 4 (31%) |
Fiscal Years
No year had more than 11 cases. All 3 acquittals in fiscal year 2021 came from 3 trials that year, and fiscal year 2019 had 4 trials with no acquittal. Yearly counts this small do not show a trend.
| Fiscal year | Cases ended | Pleaded guilty | Dismissed | Trials | Acquitted at trial |
|---|---|---|---|---|---|
| 2016 | 10 | 80% | 10% | 1 | 1 (1 of 1) |
| 2017 | 4 | 1 of 4 | 3 of 4 | 0 | 0 |
| 2018 | 3 | 1 of 3 | 2 of 3 | 0 | 0 |
| 2019 | 10 | 40% | 20% | 4 | 0 (0 of 4) |
| 2020 | 5 | 3 of 5 | 0 of 5 | 2 | 1 (1 of 2) |
| 2021 | 8 | 5 of 8 | 0 of 8 | 3 | 3 (3 of 3) |
| 2022 | 11 | 64% | 18% | 2 | 0 (0 of 2) |
| 2023 | 4 | 1 of 4 | 2 of 4 | 1 | 0 (0 of 1) |
| 2024 | 11 | 73% | 18% | 1 | 0 (0 of 1) |
| 2025 | 4 | 1 of 4 | 2 of 4 | 1 | 0 (0 of 1) |
What Is Not in the Records
The data counts only the most serious charge at the end of the case. It does not describe the conduct, the people involved, or the evidence. The approved crosswalk has no close court-martial counterpart, so the post reports federal numbers only.
How We Counted
Every federal defendant whose case ended in fiscal years 2016 to 2025 and whose most serious charge at the end of the case (TTITLE1) was under 18 U.S.C. 1348, any subsection (70), Federal Judicial Center, counted as in the federal courts' Table D-4. Type of counsel is TCOUNSEL; labels from the FJC criminal codebook. Section heading from the U.S. Code as published by the Office of the Law Revision Counsel (release point 119-136).
Federal fiscal years run from October 1 to September 30. No person, judge, or lawyer is identified in any of these records.
What to Keep in Mind
Who is in each set of numbers. The federal sentencing numbers come from the U.S. Sentencing Commission. They count only people who were convicted and sentenced in federal district court. People whose cases were dismissed or who were acquitted are not in them. The military numbers come from court-martial results, which include acquittals. To compare acquittal or dismissal rates, the federal side uses a different source: the Federal Judicial Center's case data, which counts every defendant whose case ended.
How "plea" and "trial" are counted. In the federal sentencing numbers, "trial" means the person was convicted after a trial, including people who pleaded guilty to some counts and went to trial on others. People acquitted at trial are not in these numbers at all (see "Who is in each set of numbers"). In the federal case data, the trial rate counts both convictions and acquittals at trial among all defendants whose cases ended, including dismissed cases. Military numbers count contested cases that reached a verdict. These denominators are not the same, and each post states the one it uses.
Time periods. Federal numbers are by federal fiscal year (October 1 to September 30), based on the sentencing date. The military numbers are by trial date. Neither source has the date of the offense, so a change in law shows up in either data set gradually.
Type of counsel describes groups of cases, not lawyers. The Federal Judicial Center records the type of counsel at the end of the case. Defendants who hire a lawyer differ from defendants who receive an appointed lawyer in their charges, criminal history, and circumstances, and some defendants change lawyers during a case. Differences in outcomes by type of counsel therefore cannot be credited to the type of lawyer.
Related Analysis
- Military Moves Toward Sentencing Guidelines to Mirror the Federal System (the background article)
- Federal Prosecution Analysis (all federal posts)
- How the Federal Comparison Data Was Built (sources and method)
- 18 U.S.C. 1344, Bank fraud: How Federal Cases Ended, FY2016–2025 (same title of the U.S. Code)
- 18 U.S.C. 1347, Health care fraud: How Federal Cases Ended, FY2016–2025 (same title of the U.S. Code)
- 18 U.S.C. 1349, Attempt and conspiracy: How Federal Cases Ended, FY2016–2025 (same title of the U.S. Code)
- 18 U.S.C. 1361, Government property or contracts: How Federal Cases Ended, FY2016–2025 (same title of the U.S. Code)
- Appointed vs. Retained Lawyers in Federal Criminal Cases: How Cases Ended, 2016–2025
- Are Courts-Martial More Likely to End in Acquittal Than Federal Trials?
- U.S. Sentencing Commission, Individual Offender Datafiles (source)
- Federal Judicial Center, Integrated Database (criminal defendants) (source)
About the author. Jocelyn C. Stewart is a retired Army JAG with more than 24 years of trying courts-martial and more than 200 jury trials. She hosts Where All The Bodies Are Buried and runs the Law Office of Jocelyn C. Stewart. This analysis is for education and information only. It is not legal advice, and every case is different.