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Bill Shumake wrote:
>
>
>
> All the Best !
> Bill
NW: Elvis has left the building. <G>
Maybe there is more than one Leeb case? It was my impression that Leeb
won on the 1st ammendment point. Market letter writers, at least for
securities, no longer have to register under the Investment Advisory Act
of 1940 as long as they do not supply individual or customized advice.
If it is a periodical going to a group of people it is afforded the same
1st ammendment protection as a newspaper or magazine. The Doc seems to
be
incorrectly mixing the issue of fraud with the issue of the right to
publish. I am not a lawyer, so take my opionion with a few grains of
salt. But, if it is a crime to publicly state your market opinion if not
registered with the govt. then most of you are busted. <G>
Freely,
Elvis Press ly
>
> ----------
> From: THE DOCTOR
> Sent: Thursday, December 18, 1997 12:12 AM
> To: bshumake@xxxxxxxxxxxx
> Cc: RealTraders Discussion Group
> Subject: Re: Pending Case?
>
> The defendents lost in the SEC case. See Leeb vs the SEC. They settled
> with admitting guilt,,but paid $500,000 fine. I consider that losing.
> I'm not certain if it is the same case you view as the test case, but
> this is the one the industry and press watched the most closely. The
> defense was the that the 1st amendment didn't apply.
>
> The CFTC case against Leeb is still pending and the states are still
> active with their claims. The general view is that it will cost a few
> million more to settle. If that's winning handily I'd hate to lose.
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