Legitimate fraud?

In 1942, at a meeting of the commissioners of the US securities regulator, the SEC, one of them asked rhetorically, “Well, we are against fraud, aren’t we?” And thus was drafted the famous rule against fraud in US securities regulations. For a humble rule, which must live under the tutelage of a section of an act, it is quite a prima donna. Mention Rule 10b-5 or just 10b-5 and lawyers and laymen the world over often recognise the massive jurisprudence that came out of this brief conversation.

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