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Constitutional Law Keyed to Choper
Lowe v. SEC
Citation:
472 U.S. 181 (1985)Facts
Christopher Lowe was the president and principal shareholder of Lowe Management Corporation, which was registered as an investment adviser under the Investment Advisers Act from 1974 to 1981. After Lowe was convicted of various crimes including misappropriating client funds, tampering with evidence, and theft, the SEC revoked his firm’s registration and barred him from associating with any investment adviser. Despite this order, Lowe continued to publish investment newsletters through other corporations, including the Lowe Investment and Financial Letter, which contained general market commentary and specific investment recommendations. The newsletters were advertised as semimonthly publications with subscription rates of $325 for 3 months or $900 for 1 year, though publication was irregular. The SEC brought an enforcement action seeking to enjoin Lowe from publishing these newsletters without registration, arguing that he was acting as an unregistered investment adviser in violation of the Act. Lowe contended that his publications fell within the statutory exclusion for bona fide publications and that an injunction would violate his First Amendment rights.
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