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Adviser Who Beat SEC on Agency Judges Settles for $25,000 Fine

June 17, 2020, 3:17 PM

Investment adviser Raymond J. Lucia Sr. will pay the SEC just $25,000 to end fraud accusations after a decade-long fight that included his successful trip to the U.S. Supreme Court over the constitutionality of how the agency’s judges were appointed.

Lucia also agreed to an industry bar, although he’s already eligible to apply for re-entry, according to the Tuesday Securities and Exchange Commission settlement. The civil fine represents just over 8% of the $300,000 originally levied against Lucia and his company.

Lucia, who didn’t admit wrongdoing, caught the SEC’s attention in 2012 with his allegedly misleading “Buckets of Money” ...