ICAN Paves the Way for Crucial Supreme Court Case
- Nicolas Morgan
- 17 minutes ago
- 4 min read
Lasting Change: Built case by case. Person by person.
March 17th, 2026
Dear ICAN Partners,
When Tom Zaccaro and I first met Brenda Barry, Eric Cannon, and Caleb Moody a decade ago, they were depleting their life savings in a David-versus-Goliath battle with the SEC. We first took them on as paying clients, and then as a pro bono case at Paul Hastings. They were sales consultants who had followed the rules as they understood them, caused no investor harm, and yet suddenly found themselves in the crosshairs of the SEC — not because the regulatory agency had a strong case, but because the agency was trying to expand its own power at the expense of these everyday Americans.
While other firms turned them away – seeing only small clients who could not afford the level of expertise and experience required to take on the SEC juggernaut – Tom and I saw three people who deserved a fair shot at defending themselves. And we saw an issue that was bigger than Brenda, Eric, and Caleb. This was a fight that needed to be fought—one we believed might eventually end up at the Supreme Court.
We were right. And we're still fighting for them - and for the rights of thousands of other Americans similarly victimized.
In fact, ICAN just highlighted the injustice faced by Brenda, Eric, and Caleb - and by other ICAN clients – in an amicus brief we filed with the United States Supreme Court in SEC v. Sripetch — a case for which ICAN’s efforts paved the way, and one which could finally halt victimless disgorgement, the very issue we’ve been helping Brenda, Eric, and Caleb fight for a decade.
Since ICAN’s founding, we have cranked up the spotlight on the SEC’s use of ruinous financial judgments (including disgorgement) with no allegations of fraud or investor harm — shepherding SEC v Barry et al. (Brenda, Eric, and Caleb’s case) relentlessly though the lower courts and also filing plaintiff-side cases on behalf of a growing roster of additional clients facing ruinous disgorgement judgments. Under pressure to finally address the issue, late last year, the SEC requested the Supreme Court take up Sripetch. (Earlier last year, Sripetch himself filed an amicus brief in our Barry case — arguing that if the Ninth Circuit adopted the rule Brenda, Eric, and Caleb have been fighting for, the disgorgement awards in both cases would have to fall.)
It is worth noting that our Barry case, and our amicus brief, were cited by SCOTUSblog as presenting an even more compelling version of the issue at stake in Sripetch, one that could “amplify the court’s skepticism toward the expanding scope of disgorgement.” (ICAN also filed a second amicus brief in Sripetch, representing the perspective of former SEC attorneys, who argue that disgorgement untethered from investor harm is a civil penalty in disguise — one that allows the Commission to bypass the statutory framework Congress built specifically to restrain the agency’s punitive powers. Together, the filings present the Court with a view from the courtroom and from within the agency itself.)
If Brenda, Eric, and Caleb had been forced to settle years ago, like so many defendants, they would have faced complete financial ruin — and moved on with nothing to show for it. Instead, with our help, they are holding the line. And because they did, their case now has a chance to produce a ruling that protects everyone.
We love a quick win. But systemic change is a long game, and we know how to see it through — even if the team looks a little different now, with me running ICAN, Tom serving on our board, and Paul Hastings as dedicated co-counsel.
A Year of Progress and the Network We Are Building
The other update I want to share with you today is a snapshot of one year of the long game. Our 2025 Annual Report is now available on our website. It tells the story of everything we've been building — the cases, the legal network, the policy work, and the people behind it.
Read Our Annual Report
None of this happens without people who are willing to fight — and then turn around and help others do the same.
Last week, Michelle Goheen (formerly Cochran) and Jim Row of Entoro brought together a group of investors and market professionals in Dallas for an ICAN Capital Markets Roundtable to spread the word about ICAN’s work and help us connect with new potential partners. Michelle didn't have to do that. She did it because she knows firsthand what's at stake.
Michelle is a CPA — an everyday American professional who is accomplished in her field. One day, the SEC came knocking, and Michelle decided to fight back. You may be familiar with her case, Cochran v. SEC. ICAN filed one of our earliest amicus briefs in her case, co-signed by Mark Cuban. She won. Her case became part of a chain running through Lucia v. SEC, Cochran v. SEC, and Jarkesy v. SEC — three decisions that together represent a systematic dismantling of the SEC's home-court advantage in, and abuse of, administrative proceedings. ICAN has been involved with all three, standing alongside each of these individuals who were brave enough to pave the way.
That's the network we're building — not just law firms and people from Wall Street, but a community of people who believe America has the best capital markets in the world and won't settle for anything less than genuine fairness and freedom within them.
We don't walk away when a fight gets long. We stay — because we've seen what happens when someone does. The quick wins are satisfying. The long ones are the ones that change things. We hope you'll be with us for both.
With gratitude,
Nick Morgan
Founder and President of ICAN
Comments