ICAN Celebrates Landmark Decision in SEC v. Jarkesy
After Filing Amicus Brief Along with Mark Cuban and Elon Musk, ICAN Commends Decision Supporting the Rights of Small Market Participants and Entrepreneurs to Federal Court Juries
Washington, D.C. - June 27th, 2024 - The Investor Choice Advocates Network (ICAN), a nonprofit organization dedicated to advocating for the rights of investors and market participants, celebrated the Supreme Court’s ruling today ensuring the right to a jury for those facing SEC fraud proceedings seeking civil penalties.
ICAN submitted an amicus brief in support of Mr. George Jarkesy, the defendant in the case. ICAN was pleased to have prominent figures such as Mark Cuban and Elon Musk, as well as individuals with notable litigation histories against the SEC—Manouch Moshayedi, Nelson Obus, and Philip Goldstein— join the brief.
By lending their standing to ICAN’s brief, these high-profile entrepreneurs were able to shine the light on unconstitutional SEC practices that have disproportionately affected small business owners and investors. Everyday people cannot endure a lengthy and costly litigation process to escape the near 100% win-rate the SEC has enjoyed with its in-house administrative judges, and Mr. Jarkesy’s perseverance now ensures others are granted the fundamental right to an impartial jury trial.
Nick Morgan, President and founder of ICAN, expressed his satisfaction with the Supreme Court's decision, stating, "We should all have a strong interest in the rights of all market participants to due process, including access to federal court juries. Small investors and entrepreneurs, a vital engine of the American economy, will avoid our capital markets if they believe the SEC will deprive them of due process."
This decision reinforces the principle that due process is a cornerstone of the American legal system and vital for maintaining trust and fairness in the capital markets. Additionally, it is a testament to the importance of protecting individual rights against arbitrary and inconsistent governmental actions.
ICAN remains committed to advocating for the rights of investors and market participants, promoting transparency, and ensuring that the principles of due process are upheld in all regulatory proceedings.
For more information about ICAN and its ongoing efforts to support investor rights, please visit www.icanlaw.org or contact: info@icanlaw.org
Contact Information: Investor Choice Advocates Network (ICAN)
About ICAN
The Investor Choice Advocates Network (ICAN) is a nonprofit organization dedicated to protecting and advancing the rights of investors and market participants. ICAN advocates for fair and transparent regulatory practices, ensuring all individuals have equal access to due process and justice in the financial markets.
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