1、CRS Legal Sidebar Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i Schemes and False Statements: Supreme Court to Consider Scope of Anti-Fraud Liability Under Securities Laws November 30, 2018 On December 3, 2018, the Supreme Court will hear oral arguments in Lorenzo v.
2、Securities and Exchange Commission, a case involving the scope of anti-fraud liability under federal securities law that may have significant implications for private securities litigation and Securities and Exchange Commission (SEC) enforcement actions. In Lorenzo, the Court is considering whether
3、individuals who knowingly or recklessly send false statements to prospective investors in connection with a securities transaction can be held liable for participating in a fraudulent “scheme” even if they do not possess ultimate authority over the content of the statements. The Courts resolution of
4、 this question may affect the range of defendants that private plaintiffs and the SEC can sue for securities fraud. This Sidebar discusses the Lorenzo case and its broader implications by first providing an overview of the principal anti-fraud provisions of federal securities law and the distinction
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