About UNGAGGED
They Lived It,
Now They Tell It.
UNGAGGED is a podcast built on a simple premise: the SEC's 50-year no-deny gag order silenced people who had every right to speak. That order has been rescinded. The stories can finally come out.
The Show
What Is UNGAGGED
For decades, people who settled with the SEC were legally prohibited from denying the allegations against them. They could not speak publicly. They could not defend themselves. They could not tell their side of the story. That policy shaped careers, reputations, and lives in ways the public never saw.
In 2025, the SEC rescinded that rule. UNGAGGED exists to document what comes next. Each episode is a case file - a real account from someone who was silenced, told in their own words, with the documents and context to back it up.
Your Hosts
The People Behind the Mic
Co-Host
Ray Lucia Sr.
Ray Lucia Sr. built a decades-long career as a financial advisor and radio host, helping Americans plan for retirement - until the SEC came after him.
His case became Ray Lucia Sr. v. SEC, a landmark Supreme Court ruling on the constitutionality of SEC administrative law judges. He settled under the gag order. Now he speaks.
Co-Host
Michelle Goheen
Michelle Goheen, formerly Cochran, represented herself pro se inside the SEC administrative system - a process she describes as designed to overwhelm and exhaust. She fought for years without an attorney.
Her case reached the Supreme Court, where she won 9-0. The SEC later admitted a control deficiency and dismissed the case - without apology, amends, or restitution after a decade of proceedings. She is now ungagged.
Ready to Hear the Cases
Start with the episodes. Each one is a documented case file from someone who was silenced and is now speaking for the first time.
Listen to the Episodes