---
title: "Screen an adviser communication against the advisers fraud section"
url: "https://ailawframework.com/practice/financial-services-regulation/review-a-communication-for-misleading-or-deceptive-conduct-about-a-finan/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A28-MA20261022-8-US"
practice_area: "Financial Services Regulation (AFSL/ASIC/credit)"
tier: "yellow"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# Screen an adviser communication against the advisers fraud section

> From the communication, quote each statement about a client or prospective client, the product or service described, and whether the file says the communication used the mails or a means of interstate commerce.…

Canonical page: https://ailawframework.com/practice/financial-services-regulation/review-a-communication-for-misleading-or-deceptive-conduct-about-a-finan/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Financial Services Regulation (AFSL/ASIC/credit)](https://ailawframework.com/practice/financial-services-regulation.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | From the communication, quote each statement about a client or prospective client, the product or service described, and whether the file says the communication used the mails or a means of interstate commerce. Do not decide that a statement is fraudulent, deceptive, or manipulative. |
| What the lawyer must review | The lawyer applies 15 USC 80b-6, section 206 of the Investment Advisers Act. It is unlawful for any investment adviser, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly, to employ any device, scheme, or artifice to defraud any client or prospective client; to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client; or to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative. Paragraph (4) also says the Commission shall by rules define, and prescribe means reasonably designed to prevent, such acts. Paragraph (3) is a separate rule: an adviser acting as principal, or as broker for another person, must disclose in writing before completion of the transaction the capacity in which the adviser is acting and obtain the client's consent. The GovInfo page is the 2023 edition and contains the same four paragraphs. The lawyer decides which paragraph, if any, the communication raises. |
| Written for | United States |
| Applies to | [Review a communication for misleading or deceptive conduct about a financial product or service](https://ailawframework.com/practice/financial-services-regulation/review-a-communication-for-misleading-or-deceptive-conduct-about-a-finan.md) |

## Checking plan

- What the AI does: From the communication, quote each statement about a client or prospective client, the product or service described, and whether the file says the communication used the mails or a means of interstate commerce. Do not decide that a statement is fraudulent, deceptive, or manipulative.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- Section 206 applies to an investment adviser and a client or prospective client. It is not a general prohibition on misleading conduct in trade or commerce.
- The GovInfo copy is the 2023 edition. The lawyer confirms the current section.

## Sources

- [15 USC 80b-6, prohibited transactions by investment advisers](https://www.law.cornell.edu/uscode/text/15/80b-6) (checked 2026-10-22)
- [15 USC 80b-6, United States Code 2023 edition](https://www.govinfo.gov/content/pkg/USCODE-2023-title15/html/USCODE-2023-title15-chap2D-subchapII-sec80b-6.htm) (checked 2026-10-22)

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*