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March 27, 2019

Supreme Court Decision is a Big Win For Investors, Retirees, and Main Street

Wednesday, March 27, 2019
Contact: Nick Jacobs, 202-618-6430 or

Washington, D.C.  –  Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the ruling by the Supreme Court in Lorenzo v. SEC that individuals can be liable for fraud when they disseminate fraudulent information, even if they didn’t themselves make the statement:

“The Supreme Court’s Lorenzo decision today is a big win for investors, retirees and Main Street.The Securities and Exchange Commission (SEC) is the cop on the Wall Street beat and it needs broad power and authority to hold fraudsters liable.This decision preserves that authority and puts the financial well-being and quality of life of hardworking Americans ahead of Wall Street fraudsters.

“The Lorenzo case centered on whether or not a person who disseminates someone else’s false statements can still be held liable for engaging in a scheme to defraud. An administrative judge for the SEC had originally determined that the individual, Frank Lorenzo, was liable, and the D.C. Circuit affirmed on that issue.Then-circuit Judge Brett Kavanaugh dissented and would have denied the SEC the power to go after Lorenzo, even though he knowingly acted fraudulently.Lorenzo appealed and, in this decision, the Supreme Court rejected his attempt to get away with blatantly fraudulent conduct. (Justice Kavanaugh recused himself from the case when it came before the Supreme Court.)

“This is an important win that preserves the broad anti-fraud provisions of securities laws as Congress intended and the ability of the SEC to hold con men and fraudsters accountable.”


Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit

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