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| Raymond J. Lucia Sr. |
The Securities and Exchange Commission on Monday fined a
radio personality and his financial advice firm $300,000 for spreading
misleading information about his signature "Buckets of Money"
investment strategy.
According to Reuters, the SEC administrative law judge in
the case also barred San Diego-based syndicated radio host Raymond J. Lucia Sr.
from associating with other advisers, brokers and dealers, and revoked his
eponymous firm's investment adviser registration.
Lucia, who hosts investing seminars and the nationally
syndicated "Ray Lucia Show" on weekdays, has long promoted his
retirement-focused financial strategy, which calls for retirees to spend money
from "buckets" of safer assets like Treasury bonds before tapping
riskier investments, to give those assets more time to grow.
The SEC judge, Cameron Elliot, said slideshows employed by
Lucia failed to use actual historical data, like adviser fees and dividend
rates for real estate investment trusts (REITs) he recommended, to show how
fictional portfolios following his advice performed in past bear markets.
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