On June 7th, the Second Circuit addressed the fiduciary duty owed by a stock broker to a customer. Affirming the defendant's convictions stemming from a pump-and-dump securities fraud, the Court held that although a stock broker does not owe a general fiduciary duty, a relationship of trust and confidence can exist with respect to those matters that have been entrusted to the broker. Here, the jury was properly instructed that at the heart of the fiduciary relationship lies reliance and de facto control and dominance. The relationship exists when confidence is reposed on one side and there is resulting superiority and influence on the other. U.S. v. Wolfson.