{"ID":63002,"name":"Lorenzo v. Securities and Exchange Commission","href":"https:\/\/api.oyez.org\/cases\/2018\/17-1077","view_count":0,"docket_number":"17-1077","additional_docket_numbers":null,"manner_of_jurisdiction":"Writ of \u003Ci\u003Ecertiorari\u003C\/i\u003E","first_party":"Francis V. Lorenzo","second_party":"Securities and Exchange Commission","timeline":[{"event":"Granted","dates":[1529298000],"href":"https:\/\/api.oyez.org\/case_timeline\/case_timeline\/54299"},{"event":"Argued","dates":[1543816800],"href":"https:\/\/api.oyez.org\/case_timeline\/case_timeline\/54383"},{"event":"Decided","dates":[1553662800],"href":"https:\/\/api.oyez.org\/case_timeline\/case_timeline\/54482"}],"lower_court":{"ID":16,"name":"United States Court of Appeals for the District of Columbia Circuit","href":"https:\/\/api.oyez.org\/taxonomy\/term\/16"},"facts_of_the_case":"\u003Cp\u003EFrancis Lorenzo was the director of investment banking at Charles Vista, LLC, a registered broker-dealer. Lorenzo\u2019s only investment-banking client at the relevant time was a start-up company named Waste2Energy Holdings (W2E). W2E claimed to have developed an innovative technology, and its valuation was entirely dependent on realization of that technology.\u003C\/p\u003E\n\u003Cp\u003EThe technology never materialized, and W2E sought to avoid complete financial ruin by offering up to $15 million in \u201cdebentures\u201d\u2014which is debt secured only by the debtor\u2019s earning power, rather than by a lien on a tangible asset. At the time, W2E\u2019s most recent SEC filing did not indicate the possible devaluation of the company\u2019s intangible assets and stated only that they were worth over $10 million.\u003C\/p\u003E\n\u003Cp\u003EAfter an audit, W2E filed a Form 8-K reporting total impairment of its intangible assets and valuing its total assets at $370,552. Lorenzo\u2019s secretary alerted him via email about the amended filings, and Lorenzo contacted the Charles Vista brokers about them. Nearly two weeks later, Lorenzo emailed two potential investors \u201cseveral key points\u201d about W2E\u2019s pending debenture offering, but rather than even mentioning the devaluation of W2E\u2019s intangible assets, he assured both that the offering came with \u201c3 layers of protection,\u201d which were: $10 million in \u201cconfirmed assets\u201d; purchase orders and LOIs for \u201cover $43 [million] in orders\u201d; and Charles Vista has agreed to raise additional monies to repay the debenture holders if necessary. One of these emails stated it had been sent \u201cat the request of [Lorenzo\u2019s boss]\u201d and the other stated it was sent \u201cat the request of [another broker with the firm].\u201d Lorenzo\u2019s name and title were at the bottom of both emails.\u003C\/p\u003E\n\u003Cp\u003EThe SEC charged Lorenzo, his boss, and Charles Vista with violating three securities-fraud provisions: Section 17(a)(1) of the Securities Act of 1933; Section 10(b) of the Securities Exchange Act of 1934, and Securities Exchange Act Rule 10b-5. Lorenzo\u2019s boss and Charles Vista settled the charges against them, but Lorenzo proceeded to resolution before the agency. An ALJ found that Lorenzo had willfully violated all three provisions of the Securities and Exchange Acts by his misrepresentations to investors. On review, the full Commission sustained the ALQ\u2019s decision, and Lorenzo appealed to the US Court of Appeals for the DC Circuit, which upheld the Commission\u2019s findings as to two of the provisions, but reversed as to its finding that he violated Rule 10b-5(b). That provision prohibits the making of materially false statements in connection with the purchase or sale of securities. A majority of the DC Circuit panel found that because Lorenzo\u2019s boss, not Lorenzo himself, retained \u201cultimate authority\u201d over the statements, Lorenzo did not violate that provision, under the US Supreme Court\u2019s definition of \u201cmaker\u201d of false statements in \u003Ca href=\u0022https:\/\/www.oyez.org\/cases\/2010\/09-525\u0022\u003E\u003Cem\u003EJanus Capital Group., Inc. v. First Derivative Traders\u003C\/em\u003E, 564 U.S. 135 (2011)\u003C\/a\u003E.\u003C\/p\u003E\n","question":"\u003Cp\u003EDoes a false statement by someone who does not retain \u201cultimate authority\u201d over the statement nevertheless subject the person to a fraudulent-scheme claim under Securities Exchange Act Rule 10b-5?\u003C\/p\u003E\n","conclusion":"\u003Cp\u003EDissemination of false or misleading statements with intent to defraud falls within the scope of Rules 10b-5(a) and (c) even if the disseminator did not \u201cmake\u201d the statements as defined by the Court\u2019s precedent. Justice Stephen Breyer delivered the 6\u20132 majority opinion of the Court.\u003C\/p\u003E\n\u003Cp\u003ESecurities and Exchange Commission Rule 10b-5 makes it unlawful \u201c(a) to employ any device, scheme, or artifice to defraud, (b) to make any untrue statement of a material fact\u2026, or (c) to engage in any act, practice or course of business which operates or would operate as a fraud or deceit...in connection with the purchase or sale of any security.\u201d In \u003Ca href=\u0022https:\/\/www.oyez.org\/cases\/2010\/09-525\u0022\u003E\u003Cem\u003EJanus Capital Group, Inc. v. First Derivative Traders\u003C\/em\u003E, 564 U.S. 135 (2011)\u003C\/a\u003E, the Court held that the \u201cmaker\u201d of a statement under subsection (b) is the person with \u201cultimate authority over the statement, including its content and whether and how to communicate it.\u201d However, one does not need to be the \u201cmaker\u201d of a statement to be subject to subsections (a) and (b) of this rule. The Court looked to the ordinary meaning of the terms in both subsections and found that Lorenzo\u2019s actions fall well within those subsections notwithstanding the fact that he did not \u201cmake\u201d the statements under subsection (b). Moreover, Lorenzo\u2019s actions are a \u201cparadigmatic example\u201d of securities fraud that the rule contemplates and forbids.\u003C\/p\u003E\n\u003Cp\u003EJustice Clarence Thomas filed a dissenting opinion in which Justice Neil Gorsuch joined. Justice Thomas argued that the majority \u201ceviscerate[d]\u201d the distinction between primary and secondary liability in fraudulent-misstatement cases and \u201cmisconstrue[d]\u201d the securities laws and the Court\u2019s precedent.\u003C\/p\u003E\n\u003Cp\u003EJustice Brett Kavanaugh took no part in the consideration or decision of the case.\u003C\/p\u003E\n","advocates":[{"advocate":{"ID":63063,"name":"Robert Heim","href":"https:\/\/api.oyez.org\/people\/robert_heim","view_count":0,"last_name":"Heim","roles":null,"thumbnail":null,"length_of_service":0,"identifier":"robert_heim"},"advocate_description":"for the petitioner","href":"https:\/\/api.oyez.org\/case_advocate\/case_advocate\/22610"},{"advocate":{"ID":62926,"name":"Christopher G. 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