The Investors’ Control of Their Investment Advisers. Who Has the Final Word?

TAMAR FRANKEL

BU Law emerita professor Tamar Frankel discusses an emerging issue affecting financial advisers—when a client may exercise control over the actions of the adviser. Frankel relates the story of an investment adviser that did not follow the client’s orders to cease certain investments, at a cost of almost $5 million to the client. As Frankel explains, the Securities and Exchange Commission (SEC) got involved, resulting in the investment adviser’s settlement for a significant payment to the client and other conditions.

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United States v. Horton

Docket: 18-11577

Opinion Date: February 13, 2020

Judge: James Earl Graves, Jr.

Areas of Law: Constitutional Law, Criminal Law

Defendant-appellant Phillip Horton appealed his sentence imposed following his guilty plea conviction for possession with intent to distribute 500 grams or more of methamphetamine. Horton argued the district court erred in assessing criminal history points, failing to adjust his sentence for time served on an undischarged state sentence, ordering the instant sentence to run consecutively to anticipated state sentences, and failing to adequately explain its decision to impose the sentence. After review, the Fifth Circuit Court of Appeals found no abuse of the district court's discretion in arriving at Horton's sentence, and affirmed it.