Justices Eye Scope Of Liability In SEC Copy-Paste Case

By Jon Hill (December 3, 2018, 9:17 PM EST) -- U.S. Supreme Court justices zeroed in on distinctions between conduct and statements during oral arguments Monday in a closely watched appeal that pits an investment banker against the U.S. Securities and Exchange Commission and tests the limits of so-called scheme liability in securities fraud cases.

Francis V. Lorenzo, who headed up the investment banking division at brokerage Charles Vista LLC, has argued that the D.C. Circuit got it wrong in September 2017 when it backed an SEC finding of fraudulent scheme liability on his part for having allegedly sent out to investors two emails copied and pasted from his boss that...

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