Amanda Senske

January 08, 2019 | New York Law Journal

Imagine that a boss prepares a materially false statement and directs her employee (who knows the statement is false) to email it to investors. Is the employee liable as a “primary violator” under the securities laws, or does her conduct constitute at most secondary liability, i.e., aiding and abetting securities fraud? The U.S. Supreme Court held oral argument on Dec. 3, 2018 in Lorenzo v. SEC to answer that question and resolve an apparent Circuit split.

By Amanda Senske and Daniel A. Cohen

8 minute read