Ray Lucia Wins Supreme Court Appeal Of SEC Fine, Ban

Lucia

Syndicated radio financial host RAY LUCIA has won his appeal to the Supreme Court of a $300,000 fine and banning from the investment advisory business for misleading information in his "Buckets of Money" investment strategy.  

The SAN DIEGO READER reports that the high court voted 7-2 to reverse the 2013 fine, agreeing with LUCIA's contention that administrative law judges like the one who issued the fine and ban are not employees of the SECURITIES AND EXCHANGE COMMISSION but are rather officers who, under the Constitution, should be appointed.

LUCIA's fine and ban were based on SEC allegations that his slideshows failed to include adequate historical data to properly show performance of his past fictional portfolios.

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