Press Mentions

"Ahead of a comprehensive review promised by the SEC, lawyers believe that the recent overturn of the Consolidated Audit Trail’s funding order could herald its demise."

"The facts about what transpired during the exam are certainly odd, but the most noteworthy aspect of this SEC order is the active role the Commissioners took in their role reviewing the factual record," Nick Morgan, founder of the nonprofit advocacy group Investor Choice Advocates Network, told me in an email. "Distinguishing between compelling and uncompelling circumstantial evidence is a level of nuance not normally reflected in SEC orders of this kind."

The SEC's modification of FINRA's sanctions "is also noteworthy: reducing the bar to a suspension that ends immediately is certainly not the norm," Morgan added. "This SEC is clearly not going to rubber-stamp FINRA disciplinary findings and sanctions."

Nicolas Morgan, founder of ICAN, told ThinkAdvisor Thursday that the jury verdict in the Cutter case "deserves careful examination, as it raises important questions about the boundaries of investment advisor regulation." Said Morgan: "While investor protection is paramount, we must be wary of regulatory overreach that imposes unnecessary burdens on financial professionals legitimately serving their clients. What's concerning is that expanding registration requirements beyond what Congress intended ultimately creates higher costs and fewer choices for investors. ICAN will continue monitoring this case closely as it potentially moves through the appeals process, as the final outcome could have significant implications for how Americans access financial advice."

ICAN in Law360

ICAN in ThinkAdvisor

ICAN in Law360

ICAN in Law360

"The current regulatory framework doesn’t protect people from making poor financial choices. It simply restricts certain choices to those who are already wealthy. Innovation is finding ways around these barriers, but comprehensive regulatory reform remains essential."

"'It’ll be more of an emphasis on capital formation and investment choice as opposed to more of an emphasis on investor prohibition or greater regulatory obligations,' said Nick Morgan, president of the Investors Choice Advocates Network and former SEC attorney. 'That’s a very good thing.'”

ICAN in Capitol Account

ICAN in Capitol Account

ICAN in Crowdfund Insider

"Mona appealed, backed by ICAN, a group that typically represents small investors against the Securities and Exchange Commission. Mona, 'a retired grandfather in his eighties,' is among 'countless unsuspecting traders who have found themselves on the receiving end of lawsuits' under the short-swing profit rule for insiders, ICAN said."

ICAN in Bloomberg Law

ICAN in Law360

Quoting Judge Clifton: "Why is it that these individuals are expected to know better … when God knows, we've spent a lot of time and read a lot of pages trying to figure out whether this is an investment contract."

"Nick Morgan, founder and president of the Investor Choice Advocates Network, said . . 'The Securities and Exchange Commission and the Financial Industry Regulatory Authority 'have shown an increasing appetite to bring enforcement actions for what would previously have been considered internal employment and management issues . . .'"

Nick Morgan on Free the Economy Podcast

ICAN in Reuters

Nick Morgan on Wall Street Blockchain Alliance Podcast

Nick Morgan on The Long-Short Podcast

ICAN in Capitol Account

Nick Morgan, a former SEC enforcement attorney, said the court’s opinion opens the door to challenges of other punishments that administrative courts can order, including suspensions and bars from working in a regulated industry.

“There will be some litigation saying professional bars can in some cases be more impactful than a monetary penalty and should be afforded the same right to a jury,” said Morgan, who now helps clients fight SEC litigation. He filed a friend-of-the court brief supporting Jarkesy on behalf of a group that included Mark Cuban and Elon Musk, who each have locked horns with the commission.

ICAN in Bloomberg Law

Nick Morgan on inSecurities Podcast

ICAN in Law360

ICAN in Securities Docket

ICAN in Bloomberg Law

Quoting Nick Morgan on how First Amendment's restrictions on compelled speech thwart regulators from all political perspectives from forcing securities market participants to act as mouthpieces: "'What’s good for the goose is good for the gander,' says Nick Morgan, president of the Investor Choice Advocates Network."

Describing ICAN's pro bono litigation efforts, "Some groups are already working to support industry defendants directly; for example, the Investor Choice Advocates Network is starting to take pro bono clients in SEC actions. I am sure they could use more resources to do so."

"Nicolas Morgan, who heads the nonprofit group Investor Choice Advocates Network, said 'The SEC should be expanding opportunities for investors of all types.'"

"Nick Morgan, a founder of Investor Choice Advocates Network . . . filed the amicus brief on behalf of Musk, Cuban and others who fought SEC charges and won in court. It focused on the right to a jury trial, which dominated the arguments today."

ICAN in Law360

Reporting on ICAN's amicus brief and describing ICAN as "one of the pioneers" in using the major questions doctrine to challenge SEC overreach.

"Through a nonprofit group called the Investor Choice Advocates Network, or ICAN, Mr. Cuban and Mr. Musk filed a friend-of-the-court brief bashing the SEC for sometimes allowing jury trials while denying them at other times, depending on what the SEC thinks will lead to the better outcome for the agency."

Noting, "ICAN advocates on behalf of smaller investors and entrepreneurs who too frequently are steamrolled by federal regulations, including the SEC."

ICAN in Legal Newsline

Discussing "market access advocacy organization ICAN's" critique of SEC position that "may ultimately deprive investors and consumers of useful information about digital assets they wish to purchase."

Nick Morgan on inSecurities Podcast

Quoting ICAN, "When the SEC seeks to expand its jurisdiction through litigation rather than rulemaking, the SEC explicitly excludes investor from that process. Who is and is not included within the definition of 'broker' is obviously of great importance to investors."

Noting "briefs supporting the U.S. Chamber were filed by . . . the Investor Choice Advocates Network, a nonprofit that touts its pushback against what it calls SEC overreach . . . Nicolas Morgan . . . told Law360: 'The SEC falls short in its investor advocacy mission when it piles on regulatory burdens that reduce investor choices, as is the case with the Share Repurchase Rule.'"

Noting "briefs supporting the U.S. Chamber were filed by . . . the Investor Choice Advocates Network, a nonprofit that touts its pushback against what it calls SEC overreach . . . Nicolas Morgan . . . told Law360: 'The SEC falls short in its investor advocacy mission when it piles on regulatory burdens that reduce investor choices, as is the case with the Share Repurchase Rule.'"

Including comments on SEC proposed climate disclosure rules from "Nicolas Morgan, a former agency lawyer and president of Investor Choice Advocates Network, a nonprofit law firm that fights what it considers to be government overreach."

Discussing ICAN's amicus brief criticizing the SEC's failure to respond timely to rule making petitions.

Discussing ICAN's amicus in SEC v Michelle Cochran, "Investor Choice Advocates Network president Nick Morgan, whose organization filed a brief in support of Cochran, has promised that ICAN 'will be actively seeking cases to bring in federal court, challenging the constitutionality of the SEC's administration process. The unfairness of the SEC's process and the enormous amount of resources it takes to resist SEC cases, as illustrated in this matter, inspired us to create ICAN.'"

Discussing amicus brief in SEC v Wahi from "nonprofit organization, Investor Choice Advocates Network, [which] represents people fighting what it calls SEC overreach."

Discussing ICAN's amicus brief in SEC v. Wahi, "there’s no indication Congress intended 'investment contract' to be a catch-all phrase, nonprofit law firm Investor Choice Advocates Network said in an amicus brief filed Monday supporting the Wahis. 'The SEC nevertheless claims—as the EPA impermissibly did—to have discovered "an unheralded power" which would vastly transform and expand its regulatory authority,' ICAN wrote."

Discussion of ICAN amicus brief in support of investor use of digital assets

Discussion of ICAN petition for SEC rule change to remove diversity, equity, and inclusion barriers

ICAN in Bloomberg Law

Discussion of ICAN brief in SEC v. Cochran

ICAN in Daily HODL

Rob Schmidt describes ICAN amicus brief

Jesse Westbrook describes ICAN's formation and mission

Dara Albright interviews Nick Morgan about ICAN and current SEC trends​

Keith Paul Bishop comments on ICAN Supreme Court Amicus Brief