WASHINGTON - The U.S. Supreme Court safeguarded investor-protection laws on Wednesday in a ruling against a New York investment banker who the Securities and Exchange Commission banned from the industry.
The U.S. Court of Appeals for the District of Columbia Circuit had agreed with the SEC’s findings that Lorenzo was liable in a scheme to defraud investors by sending the emails even though he did not personally write the fraudulent statements contained in the messages. “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.
The appeals court had partly ruled in favor of Lorenzo, saying the SEC’s lifetime ban decision was excessive. The SEC will now reassess what sanction to impose.
RT : U.S. Supreme Court backs SEC, safeguards investor-protection laws
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