That Democrat-Republican split may help

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.