Father-Son Lifetime Bar Suit Heats Up: 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.

In this episode, ICAN President Morgan interviews former SEC attorneys Mary Hansen and Mike Rinaldi of Duane Morris about their groundbreaking lawsuit challenging SEC enforcement practices.

The attorneys represent Michael and David Sztrom, a father-son investment advisory duo facing potential lifetime industry bars through SEC administrative proceedings, despite no allegations of investor harm.

Learn how their case highlights concerns about SEC in-house courts, including lack of jury trials, due process issues and the use of summary dispositions.

The discussion provides unique insights from two former SEC attorneys on why they believe the current administrative enforcement system is unconstitutional and needs reform.