Beware of Double Jeopardy in SEC Proceedings: SEC Roundup

Welcome to SEC Roundup, a bimonthly video series by former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Choice Advocates Network.

Securities professionals beware.

Following the conclusion of federal court litigation, the SEC may prosecute you a second time for the same conduct in a follow-on administrative proceeding seeking to bar you from your chosen profession.

Hear from former SEC enforcement attorney and Assistant U.S. Attorney Keri Axel as she describes the problematic nature of these follow-on APs at a time when the constitutionality of SEC administrative proceedings is before the U.S. Supreme Court.

Also, hear from securities professional Eric Cannon who’s fighting the SEC on two fronts to preserve his ability to work in the industry as he has done for more than 20 years. Cannon finds himself at the center of a legal battle concerning the classification of fractionalized life settlement interests — a key determinant of SEC jurisdiction.

Cannon and Axel discuss with Morgan the legal nuances and the often-overlooked impact these proceedings have on individuals within the financial services industry.

See the video above for Morgan’s discussion.