A ruling by the US Supreme Court last month on the government’s authority to prosecute fraud gives the justices more reason to take up a case from investment adviser Navellier & Associates Inc. disputing the SEC’s enforcement powers, the firm said.
The high court on May 22 held in Kousisis v. United States that the government doesn’t need to prove economic harm to bring a fraud claim, breaking the court’s streak of limiting federal fraud statutes.
But it also left unresolved questions about whether an alleged falsehood is “material.” A concurrence from Justice Neil M. Gorsuch—one that read more like ...
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