No. 01-147October Term 2001Decided Jun 3, 2002
SEC v. Zandford
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.
Case status
- Current stage
- Decided
- Latest event
- Decision released Jun 3, 2002
- 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. 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?
- Case path
United States Court of Appeals for the Fourth Circuit / Decision released Jun 3, 2002
- Area
Business and Regulation
Timing
Decided June 3, 2002
The Court released its decision 77 days after oral argument on March 18, 2002. The median for cases argued in March is 83 days.
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Stevens
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Grounding
- Grounding
- Primary-source trail available.
- Note
- Plain-English explainer. Official filings and opinions remain authoritative.
- Checked
- Apr 1, 2026
- Method
- Methodology