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Quotation from Aaron v. SEC by Supreme Court of the United States
“By contrast, the language of § 17(a)(2), which prohibits any person from obtaining money or property "by means of any untrue statement of a material fact or any omission to state a material fact," is devoid of any suggestion whatsoever of a scienter requirement.”
Aaron v. SEC, Opinion of the Court (Justice Stewart), Part II (U.S. Reports text (Legal Information Institute))
Justice Stewart explains why the second clause of Section 17(a) needs no proof of intent.
Citation: "By contrast, the language of § 17(a)(2), which prohibits any person from obtaining money or property "by means of any untrue statement of a material fact or any omission to state a material fact," is devoid of any suggestion whatsoever of a scienter requirement." — 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-q2)
Portrait: US Supreme Court Justice Potter Stewart - 1976 official portrait, Robert S. Oakes, Public domain.
