Which Laws Apply to Broker-Dealers? Federal Laws? State Laws? Both? General Principles Leading to an Answer

TAMAR FRANKEL

BU Law emerita professor Tamar Frankel explains the law of preemption as it pertains to broker-dealers and their investor clients. She predicts, among other things, that either the clients will demand that broker-dealers adhere to a fiduciary duty, or else that states will impose that duty on them.

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United States v. Colon-Maldonado

Docket: 18-1388

Opinion Date: March 6, 2020

Judge: Ojetta Rogeriee Thompson

Areas of Law: Criminal Law

The First Circuit vacated Defendant's sentence of thirty months in federal prison for violating the terms of his supervised release, holding that the district judge misapplied the Guidelines in concluding that Defendant's crime was a Grade A violation under U.S.S.G. 7B1.1(a)(A)(i). Six months after Defendant completed his sentence for federal drug crimes and began his six-year term of supervised release Defendant was charged on "information and belief" with committing aggravated domestic abuse under Puerto Rico law. The complaint did not indicate why the police believed Defendant committed the offense. Defendant pled down to a lesser offense, but, based on the complaint, the federal district court found that Defendant committed the more serious crime, which was a "crime of violence" and a Grade A violation. The First Circuit vacated the sentence and remanded the case for resentencing, holding that the district judge's Grade A finding, based only on unsubstantiated allegations in a charging document, was clear error that affected the sentence imposed.

United States v. Garcia-Cartagena

Docket: 18-1629

Opinion Date: March 6, 2020

Judge: Ojetta Rogeriee Thompson

Areas of Law: Criminal Law

The First Circuit affirmed Defendant's sentence of more than three years in prison imposed in connection with his violation of supervised release, holding that the district court did not commit reversible error when she tagged Defendant's drug offense with an A Grade. After seven years in federal prison, Defendant was arrested first for possessing drugs with intent to distribute then for domestic abuse under Puerto Rico law. The federal district judge found Defendant committed a "crime of violence" and a "controlled substance offense" as defined in the federal sentencing guidelines. These crimes, the judge found, were Grade A violations of Defendant's supervised release carrying the stiffest guideline penalties. The First Circuit affirmed, holding that there was sufficient evidence for the district judge to call Defendant's crimes Grade A violations.