4th Circ. Hears SEC Case Against Stock-Tip Newsletter

Law360, New York (November 20, 2008, 12:00 AM EST) -- A federal appeals court heard free-speech arguments Tuesday in a U.S. Securities and Exchange Commission case against the editor of a financial newsletter and his employer, both found liable for defrauding readers with a $1,000 “sure thing” stock tip.

The U.S. Court of Appeals for the Fourth Circuit heard oral arguments from the SEC as well as from attorneys for newsletter publisher “Pirate Investor” and its editor. The publisher and editor are appealing a decision finding they broke securities laws.

The alleged fraud involves a “Super...
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