Ray Lucia

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Ray Lucia
Ray Lucia.jpg
Lucia speaking at Sean Hannity's Freedom Concert in San Diego, California, August 28, 2010.
Born (1950-04-03) April 3, 1950 (age 75)
Philadelphia, Pennsylvania
Citizenship American
Occupations Certified Financial Planner, Registered Investment Advisor, author, radio personality television host
Known forThe Ray Lucia Show
SpouseJeanne Lucia
Website www.RayLucia.com

Raymond Joseph Lucia, Sr. is an American former Certified Financial Planner, [1] former Registered Investment Advisor, [2] author, radio personality and television host. [3] He is host of The Ray Lucia Show, a nationally syndicated radio and television financial talk show on the Business Talk Radio Network and the Biz Television network. [4]

Contents

On July 8, 2013, the U.S. Securities and Exchange Commission (SEC) barred Lucia from associating with any investment adviser, broker, or dealer, revoked his license and that of his former firm, and imposed civil penalties of $50,000 on Lucia and $250,000 on the firm. [5]

Early life, education, personal life

Lucia was born in Philadelphia, Pennsylvania. His family moved to Poway, California when Lucia was ten years old. [3] He went to Palomar College on a football scholarship and earned a teaching degree. [6] 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. [3] [7]

Career

Lucia founded the Raymond J. Lucia Companies, Inc. and was the company's president and CEO for over twenty years. [8] Registered Rep Magazine named Lucia as one of the "Top 100 Independent Financial Advisors in America" in 2008, [9] and he was one of ten financial advisors recognized in the magazine's 2004 "Outstanding Broker Awards." [10]

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. [11] 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. [12] 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 US$300,000. Lucia appealed the decision, arguing that the administrative judge position within the SEC was an officer of the United States which required appointment to the position, and argued that the SEC's current judge was not properly appointed. The SEC and the District Court rejected Lucia's argument, leading him to petition to the United States Supreme Court by mid-2017.

Supreme Court case and policy impact

Lucia's appeal reached the Supreme Court, which heard the case as Lucia v. SEC . On June 21, 2018, the Court ruled 7-2 in Lucia's favor, holding that SEC administrative law judges are subject to the Constitution's Appointments Clause and must be appointed by the President or delegated officers, rather than hired through standard civil service procedures. [13] [14] The Court reversed the previous judgments and remanded the case for a new hearing before a properly-appointed administrative law judge. [15]

Following the Supreme Court's decision, President Donald Trump issued Executive Order 13843 on July 10, 2018. The order cited the Lucia decision and moved approximately 1,900 federal administrative law judges from the competitive civil service to a new excepted service classification, allowing agency heads to directly appoint them. [16] [17]

On June 16, 2020, Lucia reached a settlement with the SEC in which he neither admitted nor denied wrongdoing. [18] He agreed to pay a civil penalty of $25,000 and was granted immediate eligibility to reapply for association with registered securities entities. [19] [20]

Writing

Lucia is author of three books focusing on retirement investment strategies, with co-author Dale Fetherling:

Radio and television

In 1990, The Ray Lucia Show began airing on radio station KFMB (AM) in San Diego. From 2000 to 2011, the show was nationally syndicated on the Business Talk Radio Network. Currently it can be heard on the Global American Broadcasting Network [24] In 2009, Talkers Magazine named Lucia as one of the "100 Most Important Radio Talk Show Hosts in America." [25] Lucia is also a frequent guest on the Sean Hannity Show. [26] In September 2010 The Ray Lucia Show was picked up for television by the Biz Television Network. [4] In addition to his own show, Lucia has appeared on ABC's Good Morning America, [27] Fox News Channel's Your World With Neil Cavuto and The Cost of Freedom [28] and CNBC's On The Money. [29] Lucia announced in June 2019 that he is retiring from broadcasting. His June 28 program will be his last. [30]

References

  1. ↑ "Search".
  2. ↑ Investment Adviser Representative Report for Ray Lucia, Investment Adviser Public Disclosure, retrieved June 18, 2014 (Searching 'Advisors' for "Raymond Lucia")
  3. 1 2 3 Mike Kinosian (2005). "A Ray of Hope" (PDF). Inside Radio Magazine. Archived from the original (PDF) on July 22, 2011. Retrieved October 12, 2010.
  4. 1 2 "Ray Lucia joins Biz Television". BizTV. September 13, 2010. Retrieved February 7, 2026.
  5. ↑ Bauder, Don (July 8, 2013). "Radio's Ray Lucia banned from securities industry". San Diego Reader. Retrieved February 7, 2026.
  6. ↑ P. Deegan, Robert (2009). "Thriving During Tough Times" (PDF). www.palomar.edu. Retrieved February 7, 2026.
  7. ↑ Profile: Ray Lucia. San Diego Magazine. Retrieved 2010-10-07.
  8. ↑ RJL Wealth Management - Independent Financial Services. RJL Wealth Management. Retrieved 2010-10-07.
  9. ↑ America's Top 100 Independent Investment Advisors. Registered Rep Magazine. Retrieved 2010-10-07.
  10. ↑ Whom Do You Trust. Registered Rep Magazine. Retrieved 2010-10-07.
  11. ↑ "SEC Charges Radio Personality for Conducting Misleading Investment Seminars". www.sec.gov. Archived from the original on May 27, 2013. Retrieved February 7, 2026.
  12. ↑ . "San Diego Daily Transcript". Retrieved 2013-07-09
  13. ↑ Liptak, Adam (June 21, 2018). "S.E.C. Judges Were Appointed Unlawfully, Justices Rule". The New York Times . Retrieved June 23, 2018.
  14. ↑ Michaels, Dave; Kendall, Brent (June 21, 2018). "High Court Rules Appointments Process for SEC Judges Violated Constitution". The Wall Street Journal . Retrieved June 21, 2018.
  15. ↑ "Supreme Court sides with 'Buckets of Money' financier". Associated Press. June 21, 2018. Retrieved June 21, 2018.
  16. ↑ "Lucia v. Securities and Exchange Commission". Supreme Court of the United States. June 21, 2018.
  17. ↑ "Executive Order 13843—Excepting Administrative Law Judges From the Competitive Service". The American Presidency Project. July 10, 2018.
  18. ↑ Kelley, Bruce (June 18, 2020). "After almost a decade of fighting, the SEC and Ray Lucia finally settle". www.investmentnews.com. Retrieved February 7, 2026.
  19. ↑ "In the Matter of Raymond J. Lucia, Sr. and Raymond J. Lucia Companies, Inc" (PDF). U.S. Securities and Exchange Commission. June 16, 2020.
  20. ↑ "Raymond J. Lucia, Sr. and His Company Settle with SEC". U.S. Securities and Exchange Commission. June 16, 2020.
  21. ↑ The Buckets of Money Retirement Solution: The Ultimate Guide to Income for Life. John Wiley and Sons, Inc. Retrieved 2010-10-12.
  22. ↑ Author Biography: Raymond J. Lucia. Hay House, Inc. Retrieved 2010-10-12.
  23. ↑ Buckets of Money: How to Retire in Comfort and Safety. John Wiley and Sons, Inc. Retrieved 2010-10-12.
  24. ↑ The Ray Lucia Show on the GAB Network. GAB Radio Network. Retrieved 2012-02-21.
  25. ↑ 2009 Talkers 250 Featuring the Heavy Hundred: The 100 Most Important Radio Talk Show Hosts in America. Archived 2010-09-03 at the Wayback Machine Talkers Magazine. Retrieved 2010-10-07.
  26. ↑ Ray Lucia on the Sean Hannity show. Hannity.com. Retrieved 2010-10-01.
  27. ↑ Raiding Your 401(k) Good Morning America on ABC. Retrieved 2010-10-12.
  28. ↑ Ray Lucia on Fox News FoxNews.com. Retrieved 2010-10-12.
  29. ↑ Ray Lucia on CNBC CNBC. Retrieved 2010-10-12.
  30. ↑ http://www.talkers.com June 10, 2019
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