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Quotation from Aaron v. SEC by Supreme Court of the United States
“The language of § 17(a) strongly suggests that Congress contemplated a scienter requirement under § 17(a)(1), but not under § 17(a)(2) or § 17(a)(3).”
Aaron v. SEC, Opinion of the Court (Justice Stewart), Part II (U.S. Reports text (Legal Information Institute))
Justice Stewart states the clause-by-clause division of Section 17(a) that decides the case.
Citation: "The language of § 17(a) strongly suggests that Congress contemplated a scienter requirement under § 17(a)(1), but not under § 17(a)(2) or § 17(a)(3)." — Supreme Court of the United States, Aaron v. SEC, Opinion of the Court (Justice Stewart), Part II (U.S. Reports text (Legal Information Institute)). (id aaron-v-sec-q1)
Portrait: US Supreme Court Justice Potter Stewart - 1976 official portrait, Robert S. Oakes, Public domain.
