The SEC charged Dorozhko with violating section 10(b) and sought a preliminary injunction freezing the proceeds of the transaction in Dorozhko's brokerage account. The district court denied the SEC's request, ruling that computer hacking was not “deceptive” within the meaning of section 10(b), because Supreme Court interpretation of that section requires a fiduciary relationship, and Dorozhko had no fiduciary duty to IMS or Thomson. The SEC appealed.