Investor Lawyers Blog
Securities fraud attorneys are currently investigating claims on behalf of investors who suffered significant losses as a result of their investment with Ray Lucia Sr. and his affiliated broker-dealers. Reportedly, the Securities and Exchange Commission has charged Lucia and his company, formerly known as Raymond J. Lucia Companies Inc. (RJL), for using misleading information at a series of investment seminars when soliciting for his “Buckets of Money” strategy.
According to the allegations issued by the SEC’s Division of Enforcement, Lucia claimed that this wealth management strategy had been thoroughly “backtested” over real bear market periods. He allegedly made these claims while promoting Buckets of Money at seminars where he presented a lengthy slideshow indicating that retires would receive inflation-adjusted income while protecting and increasing savings through his wealth management program. In truth, however, despite publicly made claims, little, if any, backtesting was done by RJL and Lucia on the Buckets of Money strategy.
These seminars were held in hopes of obtaining advisory clients, according to the SEC’s order which instituted administrative proceedings against RJL and Lucia. These clients would then be charged advisory services fees. Lucia’s radio show and personal and company website promoted the seminars.