U.S. Supreme Court Will Consider Narrowing Securities-Fraud Laws

The "Authority of Law" statue sits at the U.S. Supreme Court building in Washington, D.C.

Photographer: Andrew Harrer/Bloomberg
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The U.S. Supreme Court agreed to consider narrowing the nation’s securities-fraud laws, accepting an appeal from an investment banker found by the Securities and Exchange Commission to have duped investors about a startup company’s financial condition.

The banker, Francisco V. Lorenzo, said the SEC didn’t have enough proof to hold him liable for taking part in a scheme to defraud investors.