By Roger Cooper, Matthew Solomon and Leslie Silverman (July 18, 2018, 1:34 PM EDT) -- Last month, the U.S. Supreme Court granted a writ of certiorari in Lorenzo v. U.S. Securities and Exchange Commission,[1] a case where Francis Lorenzo, a registered representative of a broker-dealer, allegedly emailed false and misleading statements to investors that were originally drafted by his boss. After administrative and commission findings of liability, a divided panel of the D.C. Circuit determined that, while Lorenzo was not the "maker" of the statements, he did use them to deceive investors, and thereby violated the so-called scheme liability provisions of Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder. As described in the petitioner's motion seeking certiorari, the case presents the question whether, under the court's 2011 Janus Capital Group Inc. v. First Derivative Traders decision,[2] the scheme liability provisions of Rule 10b-5(a) and (c) may be used to find liability in connection with false or misleading statements by persons who are not themselves the maker of those statements and, thus, not liable under the false-and-misleading statements provision of Rule 10b-5(b).[3] The answer to this question could have implications for the SEC's Enforcement Division, as well as potentially significant implications for private securities litigants who principally rely on Section 10(b) to bring private causes of action sounding in fraud....