‘Buckets of Money’ Emptied

WASHINGTON (CN) - Syndicated radio host Raymond "Buckets of Money" Lucia Sr. and his company were fined $300,000, their investment adviser registrations were revoked and they were barred from the industry, the SEC said.

Raymond J. Lucia Sr. owned and ran Raymond J. Lucia Companies, Inc.

"Lucia has hosted the 'Ray Lucia Show' on the radio since 1990, and the show became nationally syndicated in 2000," the SEC said in its 46-page ruling.

It fined Lucia $50,000 and his company $250,000 for investment adviser fraud and aiding and abetting.

"Lucia and RJLC misled investors at investment seminars by claiming that their proprietary 'Buckets of Money' investment strategy had been empirically 'backtested' over actual bear market periods when they performed scant, if any, backtesting," the SEC said in a statement.

The SEC's Initial Decision "bars Lucia from associating with an investment adviser, broker, or dealer, revokes Lucia's and RJLC's investment adviser registrations, imposes a civil penalty of $50,000 on Lucia and $250,000 on RJLC, and orders Lucia and RJLC to cease and desist from further violations of the Advisers Act."

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