ICAN, or the Investors Choice Advocacy Network, is reporting its first legal victory over the Securities and Exchange Commission (SEC).
Founded by attorney Nick Morgan, ICAN is “dedicated to serving as a legal advocate and voice for small investors and entrepreneurs whose efforts are too often impeded by government regulation.” Specifically, the SEC, which the non-profit believes is overly aggressive in its prosecution of firms and individuals. Morgan, at one time, served as Senior Trial Counsel in the SEC’s Division of Enforcement before he went into big law. Today, he is full-time at ICAN.
According to an email distributed by ICAN, the organization’s first direct litigation case involved SEC v. Punch TV. ICAN reports that the judge in the case ultimately rejected the SEC’s monetary judgment against their client, who was crowdfunding a securities offering. ICAN says that the SEC sought $1.35 million in disgorgement and interest but received nothing.
ICAN says it is pushing back against the SEC for the “long haul” as they seek to help and “protect investors and entrepreneurs and guaranteeing access for all to the benefits of robust capital markets.”
