Securities law bloggers have been spilling virtual ink on the U.S. Court of Appeals for the Second Circuit’s recent ruling that permits the Securities and Exchange Commission to proceed with a fraud case against a computer hacker, even though the hacker had no fiduciary duty to the company whose shares he traded.
“The Second Circuit is permitting the SEC to enforce in territory where they haven’t been lawfully permitted before,” said Charles Ross of Charles A. Ross & Associates in Manhattan, who represents the hacker, Oleksandt Dorozhko.
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