The Investor Choice Advocates Network (ICAN) has filed a petition with the courts to compel the Securities and Exchange Commission (SEC) to act on a ruling that is said to be harming a client due to an extensive delay.
ICAN, a non-profit law firm, and its pro-bono partner Mitchell Silberberg & Knupp have filed the petition with the Ninth Circuit Court of Appeal on behalf of their client, Paul C. Spitzer.
According to ICAN, the SEC’s 18-month delay has impacted Spitzer’s livelihood, personal welfare, and professional reputation.
ICAN states that the petition “addresses an extraordinary administrative impasse faced by Spitzer, a longtime investment adviser.” ICAN describes the situation as a “bureaucratic black hole.” The situation is emblematic of troublesome government actions that may harm individuals due to a lack of incentives to address legal questions.
ICAN’s filing is described as emphasizing that “Spitzer’s Motion to Dismiss a sanction on supervisory roles—a sanction he consented to under financial duress and now seeks relief from—is fully briefed and long overdue for SEC action.”
In 2021, the SEC barred Spitzer’s ability to serve in a supervisory capacity, something he consented to sustain his financial stability. ICAN claims that since this consent unforeseen issues have made it nearly impossible for Spitzer to serve his clients – even under supervision.
To quote ICAN:
“Facing financial hardship, advanced age, and constrained options, Spitzer’s pursuit of a hearing has been met with silence from the SEC, which has failed to set a date for review or provide any resolution to his motion.”
Nick Morgan, ICAN founder, says Spitzer deserves timely due process.
“By filing this petition, we aim to protect his right to work and prevent further damage to his professional life. This case is not just about a single individual; it highlights broader issues within the regulatory framework and the need for transparency and timeliness in administrative processes.”
ICAN is urging the Ninth Circuit to end the delay.
