(July 14, 2022, 9:22 AM EDT) -- NEW ORLEANS — En banc rehearing of an appeal of a Securities and Exchange Commission ruling upholding an administrative law judge’s (ALJ) finding that a hedge fund manager and the funds’ investment adviser are liable for securities fraud in violation of the federal securities laws is necessary because a split Fifth Circuit U.S. Court of Appeals panel’s decision is in conflict with decisions rendered not only by the U.S. Supreme Court but also by the Fifth Circuit and other federal courts of appeal, the SEC argues in a July 1 petition for en banc rehearing filed in the Fifth Circuit....