
Violated Section 206(2) of the Advisers Act, which provides that it is “unlawful for any investment adviser, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly . . . to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client.” b. Violated Section 34(b) of the Investment Company Act, which provides in pertinent part that it is “unlawful for any person to make any untrue statement of a material fact in any registration statement . . . filed or transmitted pursuant to” the Investment Company Act and to “omit to state therein any fact necessary in order to prevent the statements made therein, in the light of the circumstances under which they were made, from being materially deceptive.”