Robert Lang 11 a.m., July 25
"Oh, my aching backtesting"
Arbitration filed against media investment personality Ray Lucia's former firm
White Law Group has filed a $250,000 arbitration claim against First Allied Securities, the former firm of radio/TV investment personality Ray Lucia. The complaint alleges that First Allied put an investor in non-traded real estate investment trusts, controversial vehicles that bring brokers fat commissions but hurts customers often who can't unload the paper. Lucia has touted the non-traded real estate investment trusts on the air. In September, the Securities and Exchange Commission charged Lucia with spreading misleading information about his "Buckets of Money" investment strategy. The agency charged that Lucia in seminars had said the strategy was backtested -- that is, it was applied against historical data to see if how well it would have worked in past markets. The agency said there was "scant if any" backtesting. Lucia disputes the charge.
More like this:
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- SEC Says Radio's Ray Lucia Spread Misleading Information — Sept. 5, 2012
- Graybeards, Beware — Oct. 19, 2011