August 10, 2016 Comments (0) Current Investigations

Ray Lucia Loses Appeal to SEC Ban

(Last Updated On: August 10, 2016)

According to reports, Ray ‘Buckets of Money’ Lucia’s appeal to SEC ban is denied in Federal Court on Tuesday. Lucia, former financial adviser and radio show host, had challenged the right of the SEC to use administrative law judges to hear cases such as his. 

Ray Lucia, Sr. was initially charged by the Securities and Exchange Commission for spreading misleading information about his “Buckets of Money” strategy at a series of investment seminars. Read more here Last September, the SEC voted to uphold a decision by an in-house judge from 2013 to punish Lucia for misleading investors.

Mr. Lucia was barred and he and his San Diego firm, Raymond J. Lucia Companies Inc. (RJL) were ordered to pay a total of $300,000 in fines. On Tuesday, Lucia lost his petition to review and vacate the SEC decision before the U.S. Court of Appeals.

“In view of the [Securities and Exchange] Commission’s findings that [Mr. Lucia] repeatedly and recklessly engaged in egregious conduct without regard to his fiduciary duty to his clients, petitioners fail to show that the commission’s sanction was unwarranted as a matter of policy or without justification in fact, or that it failed to consider adequately his evidence of mitigation,” according to the court’s ruling. “According, we deny the petition for review.”

Based on the number of claims handled by the firm, Lucia’s Buckets of Money strategy often included investing clients in various non-traded REITs.  Non-traded REITs are high-risk, illiquid investments.

The White Law Group continues to investigate potential arbitration claims against Ray Lucia and his affiliated broker-dealers.  To discuss your Ray Lucia investments with an experienced securities attorney, please call The White Law Group at 1-888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.