Supreme Court backs SEC, rules against investment banker

The U.S. Supreme Court reinforced the Securities and Exchange Commission’s powers, upholding sanctions against an investment banker found to have duped investors about a startup company’s financial condition.

The justices, voting 6-2, said Francis V. Lorenzo, who worked at Charles Vista, could be held liable for taking part in a scheme to defraud investors even if he didn’t write two deceptive emails at the center of the case.

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