Father-Son Lifetime Bar Suit Heats Up: SEC Roundup
By Nicolas Morgan
By Tom Zaccaro
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.
The SEC charged the father and son advisor team of fraud after they allegedly concealed from clients that the father wasn't associated with an RIA and used the services of Charles Schwab without authorization.
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.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
