operates as a fraud or deceit
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 375 U.S. 180 - Securities & Exchange Commission v. Capital Gains Research Bureau, Inc. · 1963Most cited · 1,802 citing opinions
It is the practice itself, however, with its potential for abuse, which 'operates as a fraud or deceit' within the meaning of the Act when relevant information is suppressed. The Investment Advisers Act of 1940 was 'directed not only at dishonor, but also at conduct that tempts dishonor.