U.S. Supreme Court safeguards investor-protection laws

[turbinetree]

Source: Reuters

Supreme Court
March 27, 2019 / 10:19 AM / Updated 41 minutes ago
Andrew Chung

WASHINGTON (Reuters) - The U.S. Supreme Court safeguarded investor-protection laws on Wednesday by refusing to further narrow the scope of who can be held liable for securities fraud, upholding a lower court ruling against a New York investment banker banned from the industry by the Securities and Exchange Commission.

The justices, in a 6-2 ruling, upheld a U.S. Court of Appeals for the District of Columbia Circuit decision siding with the SEC. The appeals court agreed with the SEC’s findings that Francis Lorenzo was liable in a scheme to defraud investors by sending misleading emails about a financially troubled company even though he did not personally write the fraudulent statements contained in the messages.

Writing on behalf of the court, liberal Justice Stephen Breyer said perpetrators of securities fraud could escape liability if the law were interpreted narrowly.

“Congress intended to root out all manner of fraud in the securities industry. And it gave to the commission the tools to accomplish that job,” Breyer wrote.

Read more: https://www.reuters.com/article/us-usa-court-sec/us-supreme-court-safeguards-investor-protection-laws-idUSKCN1R81K4

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And then there is Thomas and Gorsuch, basically saying that ignorance is just fine, then there is and Kavanaugh and when he ruled when was on the appeals court.......................


Time to Impeach.....................

[elleng]

1. Good to see.

'Conservative justices Clarence Thomas and Neil Gorsuch dissented. Fellow conservative Brett Kavanaugh did not participate because he was involved in the case in his prior role as an appeals court judge in Washington.'