Yoni Bard

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We have been writing about white-collar enforcement trends discussed at the Boston Bar Association’s recent White Collar Crime Conference (see here and here). Today we look at one area that was the subject of much discussion at the conference: securities enforcement. Paul Levenson, Director of the Boston Regional Office of the U.S. Securities and Exchange Commission (SEC), said that the SEC is looking closely at microcap fraud, in addition to its other 2019
In Lorenzo v. Securities and Exchange Commission, No. 17-1077, the Supreme Court held that an investment banker had committed securities fraud by copying and pasting false statements prepared by his supervisor into emails to prospective investors, even though he was not on the hook for making the statements himself. The decision focuses on Rule 10b-5 of the Securities and Exchange Commission, which contains three subsections. Subsection (b) prohibits “mak[ing] any untrue statement of a material…
Recently, in Lorenzo v. Securities and Exchange Commission, No. 17-1077, the Supreme Court held that an investment banker had committed securities fraud by copying and pasting false statements prepared by his supervisor into emails to prospective investors, even though he was not on the hook for making the statements himself. The decision focuses on Rule 10b-5 of the Securities and Exchange Commission, which contains three subsections. Subsection (b) prohibits “mak[ing] any untrue statement of a…