Poser on Securities Fraud

Securities Fraud and the Common Law, by Norman S. Poser, Brooklyn Law School, was recently posted on SSRN.  Here is the abstract:

In early cases, the federal courts held that securities fraud was not limited to common law fraud when a broader reading was deemed necessary to protect investors. But now the courts are holding that securities fraud is narrower than common law fraud, and that it is not the role of the courts to imply private rights of action. The author gives an overview of the cases, beginning in the 1940's, and concludes that, with a few exceptions, on balance the investor has been the loser.