Ray Lucia
| Ray Lucia | |
|---|---|
Ray Lucia speaking at Sean Hannity's Freedom Concert in San Diego, California, August 28, 2010.
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| Born |
April 3, 1950 Philadelphia, Pennsylvania |
| Residence | San Diego, California |
| Nationality | American |
| Occupation | Certified Financial Planner, Registered Investment Advisor, author, radio personality television host |
| Known for | The Ray Lucia Show |
| Spouse(s) | Jeanne Lucia |
| Website | www.RayLucia.com |
Raymond Joseph Lucia, Sr. is an American former Certified Financial Planner, former Registered Investment Advisor,author, radio personality and television host. He is host of The Ray Lucia Show, a nationally syndicated radio and television financial talk show on the Global American Broadcasting Radio Network and the Biz Television Network.
On July 8, 2013, The United States Securities and Exchange Commission (SEC) banned him from associating with an investment adviser, broker or dealer, revoked his license and that of his former company, and slapped both with a fine -- $50,000 to Lucia and $250,000 to his former firm.
Lucia was born in Philadelphia, Pennsylvania. His family moved to Poway, California when Lucia was ten years old. He went to Palomar College on a football scholarship and earned a teaching degree. Before becoming a financial advisor, Lucia was a high school teacher and football coach, and also played guitar and sang in a rock band. Lucia and his wife have four children.
Lucia founded the Raymond J. Lucia Companies, Inc. and was the company's President and CEO for over twenty years. Registered Rep Magazine named Lucia as one of the "Top 100 Independent Financial Advisors in America" in 2008, and he was one of ten financial advisors recognized in the magazine's 2004 "Outstanding Broker Awards."
On September 5, 2012, the SEC alleged that Ray Lucia spread misleading information about his Buckets of Money strategy at a series of investment seminars. Lucia had assured investors that his strategies had been backtested during bear markets. The SEC contended that the only backtesting Lucia performed were some "calculations made in the late 1990s and two two-page spreadsheets."
On July 9, 2013, an administrative judge ordered Lucia to pay $50,000, finding that Lucia's claims that his strategy had been empirically backtested were false. The administrative judge barred Lucia from associating with any investment advisor or broker, stripped Raymond J. Lucia Companies Inc. of its investment adviser registration, and fined the company $250,000. As of August 6, 2016, review of the SEC's decision is still pending before the Court of Appeals for the DC Circuit. Counsel for Lucia indicated that should the DC Circuit side with the SEC, they would take up the issue with the Supreme Court.
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