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That Democrat-Republican split may help

Ray Lucia taking SEC's decision to DC appeals court

Ray Lucia
Ray Lucia

National radio personality Ray Lucia Sr. is taking his banishment from the securities industry to the District of Columbia Circuit Court of Appeals, according to the publication Investment News.

On September 3, the board of the Securities and Exchange Commission upheld an administrative law judge's decision banning Lucia from the securities industry. The agency fined his former firm, Raymond J. Lucia Companies, $250,000 and him personally $50,000. The commission concluded that Lucia claimed falsely that his "Buckets of Money" investment strategy had been backtested, indicating that it would have done well in previous bad markets.

Two Republicans on the five-person commission sided with Lucia, stating, among other things, that an administrative law judge should not have overseen the case. The closeness of the split encouraged Lucia to take his case to the appellate court.

As earlier reported here, Lucia has sold his home near Rancho Santa Fe and moved in with his son. He has also suffered a heart attack.

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Ray Lucia
Ray Lucia

National radio personality Ray Lucia Sr. is taking his banishment from the securities industry to the District of Columbia Circuit Court of Appeals, according to the publication Investment News.

On September 3, the board of the Securities and Exchange Commission upheld an administrative law judge's decision banning Lucia from the securities industry. The agency fined his former firm, Raymond J. Lucia Companies, $250,000 and him personally $50,000. The commission concluded that Lucia claimed falsely that his "Buckets of Money" investment strategy had been backtested, indicating that it would have done well in previous bad markets.

Two Republicans on the five-person commission sided with Lucia, stating, among other things, that an administrative law judge should not have overseen the case. The closeness of the split encouraged Lucia to take his case to the appellate court.

As earlier reported here, Lucia has sold his home near Rancho Santa Fe and moved in with his son. He has also suffered a heart attack.

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Comments
10

Given Ray's age and health, one might wonder why he's trying to get the ban lifted. It may be ego more than anything else. Even if the ban is lifted, would he be able to take advantage of it?

Oct. 8, 2015

Visduh: Good point. He may be thinking about his son's reputation in the business. Or it could be an ego thing. Best, Don Bauder

Oct. 8, 2015

Did people make money or lose money with Buckets of Money? Was his 'program' more or less successful than all the other know-it-all talking heads out there? What was his track record compared say to Jim Cramer who has been wrong more than right?

Oct. 9, 2015

AlexClarke: When Lucia appealed the decision to the Securities and Exchange Commission board, his lawyer argued that no one was hurt by the alleged false claims about back-testing. Best, Don Bauder

Oct. 9, 2015

I'm inclined to agree with Alex. As I've mentioned before, at least he got people saving and investing, and many of them would have done none of that without his encouragement. As long as most of them stayed true to the course, the good may have outbalanced the bad.

Oct. 9, 2015

Visduh: I was on his program three, maybe four times (I think no more than that) when he was just starting out. I thought the program was not as good as those put on by Bill Holland. However, some savvy financial people have praised the show.

Lucia replaced Holland by bringing advertising of his own operation on to the show. So it was a winner for the station. Now, almost any advice-giver you hear on the radio has bought his way in. I don't like that. Best, Don Bauder

Oct. 9, 2015

This makes me want to hurl in a bucket.

Oct. 9, 2015

ImJustABill: Even if Lucia triumphs in the Circuit Court of Appeals, this imbroglio is a lesson for financial planners who put on seminars. The lesson: double-check everything you say. The government may be watching.

I have a hunch -- and it's only a hunch -- that the SEC more carefully watches radio and TV financial advice-givers than others. Best, Don Bauder

Oct. 9, 2015

Maybe the Government could watch the claims of televangelists.

Oct. 9, 2015

AlexClarke: Televangelists and investment touts have much in common. But there is one stark difference. The televangelist says, "Give me money and you will go to heaven." Nobody has ever demanded his money back.

The investment tout preaches, "Give me money and you will make a killing." But the victim of the killing may be the investment tout. Best, Don Bauder

Oct. 9, 2015

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