Investor Choice Advocates Network

Ray Lucia's story serves as a stark reminder of what's at stake when regulatory agencies can destroy careers using unconstitutional processes. His 13-year ordeal illustrates the coercive nature of SEC administrative proceedings, which the Supreme Court has now repeatedly criticized—thanks in large part to Ray’s willingness to fight, which paved the way for others to do the same. Because of a Supreme Court decision bearing his name, you may be familiar with part of Ray’s saga, but you will find it hard to believe the parts involving multiple layers of unconstitutional violations and years of byzantine barriers to justice. 

 

Now we are helping Ray fight one more SEC injustice: a professional bar that only ends when the SEC says it does, even though his “right to apply for reentry” began seven years ago. The SEC’s process for lifting bars is full of Catch-22 requirements, procedural traps for the unwary, and other impediments that make the right to apply for reentry “illusory” in the words of one former SEC Commissioner. We are fighting to change that.