The Securities and Exchange Commission (SEC) is going to levy financial penalties and will also seek other remedial action from Ray Lucia, Sr., who is a radio personality. The SEC will take such an action against Lucia as he with his team provided false claims that the Buckets of Money, an investment strategy, has been proved.
In reality, no such strategy has been proven, said Lucia. While explaining the matter, the SEC officials revealed that investment adviser Lucia gave a presentation at the seminars saying that the Buckets of Money scheme has been back tested.
By the word ‘back tested’ one means that the theory has been assessed properly, and its application has been matched with historical data as well. Lucia showed that the strategy has been back tested, which gave false sense of comfort and security to seminar attendees.
The attendees were in false impression that the strategy will help them get inflation-adjusted income. However, everything was found to be false, as no backtesting has been done. “Lucia and RJL left their seminar attendees with a false sense of comfort about the Buckets of Money strategy”, said Michele Wein Layne, who is the Regional Director of the SEC in Los Angeles.
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