[R]eturn to the rule of law and the rescission of previous guidance documents. Since the passage of the Controlled Substances Act (CSA) in 1970, Congress has generally prohibited the cultivation, distribution, and possession of marijuana.In the memorandum, Attorney General Jeff Sessions directs all U.S. Attorneys to enforce the laws enacted by Congress and to follow well-established principles when pursuing prosecutions related to marijuana activities. This return to the rule of law is also a return of trust and local control to federal prosecutors who know where and how to deploy Justice Department resources most effectively to reduce violent crime, stem the tide of the drug crisis, and dismantle criminal gangs.
[I]n 2009, Love began recommending that certain LKL advisory clients invest in private funds in which he held managerial interests and from which he stood to receive fees and a share of investment profits. LKL's advisory clients who invested in the private funds knew of Love's involvement with the funds, but from 2010 to 2015, LKL's Forms ADV falsely stated that Love had no outside financial industry activities or affiliations and no interests in client transactions. During an early 2016 SEC examination of LKL, Love made these same misrepresentations to Commission examination staff and failed to produce requested documents regarding certain of his private funds.The SEC's order also finds that in its March 2016 Forms ADV annual updating amendment, LKL corrected its previously inflated assets under management figure, reducing it by nearly $30 million, and expressly acknowledged that this was a material change. This required LKL to deliver its revised Form ADV Part 2A brochure, or a summary of material changes, to its clients. LKL failed to do this.