“Materiality”: The “Reasonable Investor” Standard Applies Under Both Section 1348 And 10(b)5
Title 18 Section 1348 “Materiality” Standard as compared with Title 15 securities fraud cases.
Should the Securities Exchange Act and 18 U.S.C. § 1348 Have the Same “Materiality” Standard?
Prosecutors frequently argue that 18 USC 1348 (Title 18 securities fraud) has a lower materiality standard than Title 15 securities fraud (10b-5). This blog post argues that there is little reason for courts to impose a lower materiality standard for the same conduct.