AARON v. SEC

No. 79-66.

446 U.S. 680 (1980)

AARON v. SECURITIES AND EXCHANGE COMMISSION.

Supreme Court of United States.

Decided June 2, 1980.


Attorney(s) appearing for the Case

Barry M. Fallick argued the cause and filed briefs for petitioner.

Ralph C. Ferrara argued the cause for respondent. With him on the briefs were Solicitor General McCree, Deputy Solicitor General Geller, Stephen M. Shapiro, Paul Gonson, and Jacob H. Stillman.*


MR. JUSTICE STEWART delivered the opinion of the Court.

The issue in this case is whether the Securities and Exchange Commission (Commission) is required to establish scienter as an element of a civil enforcement action to enjoin violations of § 17 (a) of the Securities Act of 1933 (1933 Act), § 10(b) of the Securities Exchange Act of 1934 (1934 Act), and Commission Rule 10b-5 promulgated under that section of the...

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