In the Matter of Raymond J. Lucia Companies Inc. and Raymond J. Lucia Sr.
Published: Jul. 20, 2013 | Result Date: Jul. 8, 2013 | Filing Date: Jan. 1, 1900 |Case number: 3-15006 Bench Decision – $300,000
Court
U.S. Securities and Exchange Commission
Attorneys
Plaintiff
John B. Bulgozdy
(Securities and Exchange Commission)
David J. VanHavermaat
(U.S. Securities and Exchange Commission)
Defendant
Facts
The Securities and Exchange Commission (SEC) charged Raymond J. Lucia Cos. Inc. (RJLC) and Raymond Lucia of misrepresenting backtested returns of fictional investment portfolios using Lucia and RJLC's proprietary Buckets of Money (BOM) strategy and misleading prospective investors in violation of Section 15(b) of the Securities and Exchange Act of 1934 and various provisions under the Investment Act of 1940.
Result
Administrative Law Judge Cameron Elliot found RJLC and Lucia in violation of the Advisers Act. Judge Elliot also found that Lucia aided and abetted RJLC's violations of the Advisers Act and barred Lucia from associating with an investment adviser, broker, or dealer. The judge also revoked Lucia and RJLC's investment adviser registration and imposed a $50,000 penalty on Lucia and $250,000 on RJLC. RJLC and Lucia were further ordered to cease and desist from further violations of the Advisers Act.
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