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Securities Regulation Keyed to Cox
Lorenzo v. Securities and Exchange Commission
Citation:
139 S. Ct. 1094 (2019)Facts
Francis Lorenzo served as director of investment banking at Charles Vista, LLC, whose only client was Waste2Energy Holdings, Inc. In June 2009, Waste2Energy publicly valued its assets at approximately $14 million, including over $10 million in intellectual property. Lorenzo was skeptical of this valuation, believing the technology “didn’t really work.” In early October 2009, Waste2Energy publicly disclosed that its intellectual property was worthless and its total assets were only $370,552. Shortly thereafter, on October 14, 2009, Lorenzo sent two emails to prospective investors at his boss’s direction describing the debenture offering as having “3 layers of protection” including $10 million in “confirmed assets.” Lorenzo did not draft the content but knew it was false, signed the emails with his name and title, and invited recipients to call with questions. The emails never disclosed Waste2Energy’s actual asset value.
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