SEC Fines Ray Lucia $300,000
July 10, 2013 at 3:55 AM (PT)
Syndicated radio financial host RAY LUCIA has been fined $300,000 for misleading information in his "Buckets of Money" investment strategy.
REUTERS reports that LUCIA has been barred from associating with other brokers, advisors, and dealers and has had his firm's investment advisor registration revoked. The SEC charged that LUCIA's slideshows failed to include adequate historical data to properly show performance of his past fictional portfolios.
LUCIA will likely appeal the ruling, said attorney WRENN CHAIS of LOCKE LORD LLP. "It's a very severe penalty, particularly in light of the fact that no investor was alleged to have lost any money at all," CHAIS told REUTERS. "It's had a devastating effect on his career."