SEC v. Zandford
In brief
- Where it stands
- Decided
Decided 9-0 · June 3, 2002 · Opinion by Justice Stevens
- What it’s about
- The Supreme Court considered whether a stockbroker committed federal securities fraud when he sold a client's securities and misappropriated the proceeds for his own benefit without the client's knowledge.
Summary: written with AI from the case record.
What it's about
The case centered on whether this theft satisfied the statutory requirement that the fraud be committed "in connection with the purchase or sale of any security."
Question presented
Is the alleged fraudulent conduct of a securities broker, who sells his customer's securities and using the proceeds for his own benefit without the customer's knowledge or consent, in connection with the purchase or sale of any security within the meaning of the Securities Exchange Act of 1934 and SEC Rule 10b-5?
Documents
Opinions
Sources
Primary materials from the Court and the parties. Plain-English explainer. Official filings and opinions remain authoritative.