After a general explanation of the laws, the survey focuses on section 17(a) of the Securities Act of 1933, section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated under the 1934 Act. Part I of this article outlines the elements of securities fraud by describing the various activities considered to be substantive frauds under the securities laws. Part II then describes the defenses available in both criminal and civil securities fraud actions. Part III describes the mechanisms by which the U.S. Securities and Exchange Commission enforces the antifraud provisions of the securities laws. Due to the frequent overlap of civil and criminal bodies of law in securities regulation, this survey incorporates a review of the law in the civil area, in addition to exploring securities fraud as a "white collar" crime. 436 footnotes