On June 2, 2025, the U.S. Supreme Court declined to hear a challenge brought by a member firm against the enforcement power given to the Financial Industry Regulatory Authority (“FINRA”).  The Court’s decision to turn away the petition for certiorari permits FINRA to proceed with an enforcement action against the member firm for allegedly stealing over $54.5 million in customer funds, but because the challenge was presented as part of a petition from a partial denial of a preliminary injunction rather than from a final order, it may not be the last word as to the constitutionality of FINRA’s enforcement powers.

On May 22, 2025, in a significant decision that clarifies the scope of the federal wire fraud statute and resolves a circuit split, the U.S. Supreme Court upheld a pair of wire fraud convictions that had been premised on a fraudulent-inducement theory without a showing that defendants intended to cause, or in fact caused, their victims a net economic loss.  Kousisis v. United States, 145 S. Ct. 1382 (2025).