WASHINGTON (AP) – The Supreme Court rejects the arguments put forward by Justice Brett Kavanaugh when he was a judge at the Court of Appeal in a securities fraud case.
Court decision 6-2 on Wednesday confirmed a court of appeals decision against financial banker Francis Lorenzo over false and misleading statements that Lorenzo e-mailed to potential investors in a company. The emails described the company as a $ 10 million asset while Lorenzo knew the actual figure was $ 400,000.
Kavanaugh was dissenting from the decision of the appeal. He did not take part in the high court.
Judge Stephen Breyer's majority opinion rejected Lorenzo's argument that he was not violating the Securities and Exchange Commission's anti-fraud regulation because he had simply sent the emails to the management of his boss, who had provided the contents of the messages.