Axel and James Lead Waymaker Team In Filing Amicus Briefs for Alternative Investments Group

Led by Partner Keri Curtis Axel and Becky James, Waymaker recently filed two amicus briefs, one in the Supreme Court and the other in the Ninth Circuit Court of Appeals, on behalf of the California Alternative Investments Association (CalALTs). In both cases, CalALTs challenged recent Ninth Circuit decisions that required investment promoters to pay back their gains to the Securities and Exchange Commission (SEC) even though there was no finding that any alleged victim had suffered pecuniary harm from the promoters’ conduct. Waymaker argued that these decisions are inconsistent with Supreme Court precedent and would chill the alternative investment industry in the United States, particularly when applied to novel investments.

On November 17, 2025, Waymaker filed an amicus brief in the Supreme Court on behalf of CalALTs supporting the defendant’s petition for writ of certiorari in SEC v. Sripetch, a case in which the Ninth Circuit affirmed a judgment requiring the defendant to pay disgorgement to the SEC without any finding that the alleged victims had suffered actual pecuniary harm.

On October 14, 2025, Waymaker filed an amicus brief in the Ninth Circuit in SEC v. Barry, another case in which the defendants were ordered to pay disgorgement despite no finding of actual victim pecuniary harm. The Barry case involved non-scienter based registration violations only, and the evidence showed that the so-called victims ultimately stood to make money.

The Waymaker team included Keri Curtis Axel, appellate specialist Becky James, and Viviana Andazola Marquez.