Law360, New York (February 21, 2012, 3:24 PM ET) -- The U.S. Supreme Court on Tuesday declined to take up the case of a former Pritchard Capital Partners LLC stockbroker who is hoping to avert stiff U.S. Securities and Exchange Commission penalties over an alleged late-trading scheme.
John VanCook, who allegedly defrauded mutual funds by letting hedge funds execute the late trades, had asked the high court to review the Second Circuit's deference to how the SEC interpreted the scope of liability under Rule 10b-5, according to a WilmerHale summary of the case.
But VanCook's petition...
Supreme Court Won't Hear Broker's Late-Trading Case
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