Lay v. United States

Issue: (1) Whether investment advisers to hedge funds owe fiduciary duties to investors in the funds; (2) whether the offenses of mail and wire fraud can be committed when there is neither a “gain”? of any nature to the defendant nor use of the mail or wires to cause a person to part with money or property; and (3) whether it was reversible error for the trial court to fail to give a proper limiting instruction to the jury in connection with the use at petitioner's trial of transcript testimony from an earlier deposition.