10th Circ.'s Securities Fraud Reading May Be Too Broad

Law360 (August 28, 2019, 1:45 PM EDT) -- On Aug. 13, in the first case by a circuit court to apply the U.S. Supreme Court’s recent decision in Lorenzo v. U.S. Securities and Exchange Commission,[1] the U.S. Court of Appeals for the Tenth Circuit held in Malouf v. SEC that the defendant could be liable under SEC Rules 10b-5(a) and (c) for knowingly failing to correct another party’s material misstatements in connection with a securities transaction.[2]

Dennis Malouf was an executive at two unrelated firms: a securities brokerage that was a subsidiary of Raymond James Financial Services Inc., and investment adviser UASNM Inc. Malouf sold his interest in the...

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