United States v. Charles Phillip Elliott, William Melhorn

BIRCH, Circuit Judge:

In this appeal, we decide the first-impression issue for our circuit of the requirements for qualification as an investment adviser under the Investment Advisers Act of 1940, 15 U.S.C. §§ 80b-2(a)(ll) and 80b-6. Because we conclude that managers of a number of investment companies were investment advisers who violated the anti-fraud provisions of the Investment Advisers Act, we AFFIRM their convictions. The district court, however, erred in formulating the restitution ordered. We VACATE the previous restitution orders and REMAND for the district court to order restitution…