Justices Seem Likely to Reinforce U.S. Securities-Fraud Laws
- Supreme Court hears arguments on SEC fraud case against banker
- Banker was ‘big-deal participant’ in scheme, Breyer says
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U.S. Supreme Court justices seemed likely to reinforce the Securities and Exchange Commission’s powers, hearing the case Monday of an investment banker accused of duping investors about a startup company’s financial condition.
The banker, Francis V. Lorenzo, says the SEC didn’t have enough proof to hold him liable for taking part in a scheme to defraud investors.