Securities Lawyer's Deskbook
                         published by The University of Cincinnati College of Law
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The
Investment Company Act of 1940





Section 37 -- Larceny and Embezzlement


Whoever steals, unlawfully abstracts, unlawfully and willingly 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 49 [15 USCS § 80a-48]. 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.


Legislative History


Aug. 22, 1940, ch 686, Title I, § 37, 54 Stat. 841.


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