Hedge Fund Priest Won’t Get High Court Review of Penalty (1)

The US Supreme Court Monday denied an ordained Greek Orthodox priest who also works as a hedge fund manager the chance to fight a $160,000 penalty and injunction ordered in an SEC enforcement suit.

Gregory Lemelson, also known as Father Emmanuel Lemelson, argued the First Amendment protects three statements he made about a Ligand Pharmaceuticals Inc. drug and about Viking Therapeutics Inc. that a jury found to be material misstatements of fact, according to an appeals court ruling. He also argued those statements don’t constitute a “manipulative or deceptive device or contrivance” under § 10(b) of the Securities Exchange Act ...