June 18, 2018 / 1:44 PM / 3 months ago

U.S. Supreme Court to review scope of investor protection laws

WASHINGTON, June 18 (Reuters) - The U.S. Supreme Court on Monday agreed to hear an appeal by a New York investment banker banned from the industry by the Securities and Exchange Commission in a case that could limit the scope of those who can be held liable under laws protecting investors from securities fraud.

The justices will review a lower court ruling that upheld most of the SEC’s liability findings against Francis Lorenzo, who served as the investment banking director at a broker-dealer called Charles Vista that was expelled from the securities industry in 2014. The case involved misleading emails he sent to investors about a financially struggling clean-energy company.

Reporting by Andrew Chung; Editing by Will Dunham

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