ANALYSIS: SEC ALJ to Hear Lucia After Seven Years, SCOTUS Ruling

In September 2012, the SEC charged Raymond J. Lucia and his advisory firm with fraud over his “Buckets of Money” investment program. Seven years later, after a stop at the Supreme Court, an SEC administrative law judge (ALJ) will again sit in judgment of Lucia. ALJ Carol Fox Foelak ruled that the lapse of time between the claimed offenses and his rehearing did not subject the charges to dismissal on limitations grounds, and the case will proceed to a hearing.

The SEC alleged in a 2012 Order Instituting Proceedings (OIP) that Lucia and his firm fraudulently misrepresented backtested returns of ...