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Supreme Court hears arguments on false statements violating SEC fraud regulations

Dec 05, 2018 - Legal Monitor Worldwide

(JURIST) - The US Supreme Court heard oral arguments Monday in Lorenzo v. Securities and Exchange Commission (SEC), which will decide whether false statements alone can violate SEC regulations.

Francis Lorenzo brought this case against the SEC after the SEC charged him with violating 17 CFR 240.10b-5 and subsequently fined him $15,000 and banned him from working in the securities industry. Lorenzo claims that the SEC sanctions are unfair because all he did was copy and paste misleading st...