Newsletters: Let the Subscriber Beware

Let the Subscriber Beware

In 1978 Christopher Lowe, a New Jersey investment adviser, pleaded guilty to grand larceny after writing a series of bad checks. That was just one of four such brushes he had with the law, which, in the eyes of the Securities and Exchange Commission, made him unfit to publish the Lowe Investment & Financial Letter. The SEC in 1981 revoked Lowe's registration as an investment adviser and went to court to stop publication of his newsletter. Undeterred, Lowe kept publishing.

After four years of legal wrangling, the U.S. Supreme Court settled the issue last week, ruling in favor of Lowe by...

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