In United States v. Vilar,1 the U.S. Court of Appeals for the Second Circuit held that the presumption against extraterritoriality, which the Supreme Court applied to civil actions under the federal securities fraud statute in Morrison v. National Australia Bank, 2 applied equally in criminal cases. Rejecting the government’s argument that the presumption did not apply “in the criminal context,” the Second Circuit ruled that “a defendant may be convicted of securities fraud under Section 10(b) and Rule 10b-5 only if he has engaged in fraud in connection with (1) a security listed on a U.S. exchange, or (2) a security purchased or sold in the United States.”3 Nevertheless, the court upheld the defendants’ convictions in light of evidence that they had also “engaged in fraud in connection with a domestic purchase or sale of securities.”4
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