Ray Lucia Faces SEC Allegations
September 6, 2012 at 4:19 AM (PT)
Syndicated financial radio host RAY LUCIA has been accused by the Securities and Exchange Commission with making misleading claims about his "Buckets of Money" investment strategy. The LOS ANGELES TIMES reports that the SEC is seeking an order to block LUCIA from making the claims that his plan, which directs users to divide their assets into three "buckets" (cash, safe investments, and risky investments), helps retirees "generate inflation-adjusted income for life," that his plan had been thoroughly tested, and would not jeopardize investors' nest eggs.
“LUCIA and RJL left their seminar attendees with a false sense of comfort about the Buckets of Money strategy,” said SEC LOS ANGELES Regional Office Director MICHELE WEIN LAYNE. “The so-called backtests weren’t really backtests, and the strategy wasn’t proven as they claimed.”
LUCIA's attorney MICHAEL F, PERLIS told the TIMES that his client expects to be vindicated and added, "I'm a big supporter of the SEC. Every once in a while the SEC goes off the tracks and it has this time. And Mr. LUCIA is going to fight."