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SEC v. Zandford
United States Supreme Court
535 U.S. 813 (2002)
William Wood, an elderly man with a disabled daughter, hired Zandford (defendant) to manage his investments so that his daughter would be taken care of after his passing. Unfortunately, prior to his passing, all of Wood’s savings were gone. The Securities and Exchange Commission (SEC) (plaintiff) brought suit against Zandford, alleging that he committed securities fraud by taking Wood’s savings and investing it for himself. Zandford alleged that his actions did not constitute securities fraud, as the taking of the funds was not connected to securities. The district court ruled in favor of the SEC. Zandford then appealed, with the court of appeals ruling in his favor. The SEC petitioned for certiorari to the United States Supreme Court.
Rule of Law
Holding and Reasoning (Stevens, J.)
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