# *Romeril v. SEC*

Today, the Cato Institute joined the Competitive Enterprise Institute, the Institute for Justice, and the Institute for Free Speech, on a brief in support of Mr. Romeril’s petition.

April 22, 2022 • Legal Briefs 

By Helgi Walker, Brian Richman, Josh Zuckerman, [Clark Neily](https://www.cato.org/people/clark-neily), [Jennifer J. Schulp](https://www.cato.org/people/jennifer-j-schulp), & [William Yeatman](https://www.cato.org/people/william-yeatman) 

[ 

Download PDF 

](https://www.cato.org/sites/cato.org/files/2022-04/ROMERIL-final.pdf) 

Learn more about [Cato’s Amicus Briefs Program](/about/cato-amicus-program).

For fifty years, the Securities & Exchange Commission has maintained a rule that requires the imposition of a perpetual gag order on settling defendants in civil enforcement actions. As a result, anyone who settles with the agency must “voluntarily” agree to never deny their guilt in public. This is a wildly inappropriate use of government power, and it runs directly counter to the spirit of accountability and transparency that permeates our founding documents, in addition to being a clear violation of First Amendment rights.

In 2003, Barry Romeril settled an enforcement action brought by the SEC. He neither admitted nor denied guilt and paid a significant fine. Though he maintains his innocence in private, he can’t defend himself in the media. He also thinks his plight could inform legislation to reform the SEC, but he is precluded from petitioning Congress with his ideas. After 16 years of compelled silence, Mr. Romeril decided to fight back. Represented by the New Civil Liberties Alliance, he challenged his 2003 consent decree in a federal district court, arguing that its gag order violates his First Amendment rights. After the district court denied his claims, the Second Circuit affirmed. Now, Mr. Romeril seeks Supreme Court review.

Today, the Cato Institute joined the Competitive Enterprise Institute, the Institute for Justice, and the Institute for Free Speech, on a brief in support of Mr. Romeril’s petition. We urge the Court to take this case and end the SEC’s continued trampling of First Amendment rights.

[ 

Download Episode 

](https://assets.pippa.io/shows/5e28e0d8963f166217546493/7bbc6cad-ffeb-481a-a1fb-1d2506e7d16c.mp3)Subscribe:

[ 

Apple Podcasts 

](http://itunes.apple.com/podcast/cato-daily-podcast/id158961219) [ 

Spotify 

](https://open.spotify.com/show/4dHRhKEljj8zcLdl3Gvsv7) 

[![ROMERIL-cover.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/2022-04/ROMERIL-cover.jpg?itok=p22LpbG6)](https://www.cato.org/sites/cato.org/files/2022-04/ROMERIL-final.pdf) 

### Download This Legal Brief

##### *Romeril v. SEC* 

[ 

Download PDF 

](https://www.cato.org/sites/cato.org/files/2022-04/ROMERIL-final.pdf) 

##### About the Authors 

![Helgi Walker](/sites/cato.org/files/styles/author_picture/public/2022-04/h-Walker-cropped.jpg?itok=msD52yIz) 

##### Helgi Walker 

Partner, Gibson, Dunn & Crutcher

![Brian Richman](/sites/cato.org/files/styles/author_picture/public/2022-04/b-richman-cropped.jpg?itok=nks0N075) 

##### Brian Richman 

Associate Attorney, Gibson, Dunn & Crutcher

![Josh Zuckerman](/sites/cato.org/files/styles/author_picture/public/2022-04/Zuckerman-cropped.jpg?itok=yJ2UfU8c) 

##### Josh Zuckerman 

Associate Attorney, Gibson, Dunn & Crutcher

[![Clark Neily](/sites/cato.org/files/styles/author_picture/public/2021-01/Clark%20Neily.jpg?itok=kOJs7hwY)](/people/clark-neily) 

##### [Clark Neily](/people/clark-neily)

Senior Vice President for Legal Studies, Cato Institute

[ 

](https://x.com/conlawwarrior) [ 

](mailto:cneily@cato.org) 

[![New Jennifer Schulp cropped image](/sites/cato.org/files/styles/author_picture/public/2023-03/jennifer-schulp-cropped-2.jpg?itok=kdrnmhHr)](/people/jennifer-j-schulp) 

##### [Jennifer J. Schulp](/people/jennifer-j-schulp)

Former Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute

[![William Yeatman](/sites/cato.org/files/styles/author_picture/public/2021-01/Will%20Yeatman.jpg?itok=cX7wRQR4)](/people/william-yeatman) 

##### [William Yeatman](/people/william-yeatman)

Senior Legal Fellow, Pacific Legal Foundation

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

[ 

Download PDF 

](https://www.cato.org/sites/cato.org/files/2022-04/ROMERIL-final.pdf)