According to reports, the Securities and Exchange Commission recently voted to uphold the judgment against former investment advisor Raymond Lucia. In 2012 the SEC accused Lucia of misleading investors about his “buckets of money” strategy.
The SEC alleges Lucia misled investors who attended seminars that promoted his “buckets of Money” strategy by claiming to have “back-tested” the strategy ( Read more here). As a result Lucia was barred and fined.
According to InvestmentNews, two commissioners apparently dissented resulting in a 3-2 split. In a statement, commissioners Daniel Gallagher and Michael Piwowar wrote, “Given the clear disclosure of the inflation rate assumptions in the slideshow presentation, we find that a reasonable investor would not have believed that actual historical rates of inflation were used in the back-tests.” Based on these dissents, the report indicates that Lucia is considering appealing the SEC’s ruling.
The White Law Group has filed numerous cases involving Lucia and his “buckets of money” strategy on behalf of investors. Brokers are required to make suitable investments in light of the client’s age, risk tolerance, investment experience, net worth, and investment objectives. In its cases, The White Law Group has alleged that for many investors such requirements were overlooked.
If you have questions about investments you made with Ray Lucia, please call the securities attorneys of The White Law Group at 312-238-9650 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 Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.