Ray Lucia fined and banned

[brett]

There were at least two that I know of in our neck of the woods who had radio shows and plenty of ad spots in the AM and PM drive home time slot.

One of them bought the one hour Sunday time slot and passed himself off as an expert...getting people to attend his 'free wealth building seminars'. Not sure how the other one got on the air.

Turned out that they were wealth building seminars but not for the attendees. Both individuals had large Ponzi schemes. People invested their retirement savings, mortgaged homes etc. They lost everything-save for about five cents on the dollar. It was very sad.

Seems to be lots of these crooks around right now trying to take advantage of folks who lost money in the market or want to get a higher return.

The selling of boxes of Iraqi dinars on the promise of massive currency appreciation is a favorite scam in some of the church based affinity groups here. You really have to scratch you head and wonder why people would fall for that without even checking if it is possible to sell them. Go figure.

 

[ERD50]

Should this thread be added to the FAQ?

http://www.early-retirement.org/for...y-lucia-and-his-buckets-30725.html#post567963


-ERD50

 

[clifp]

I caught Ray on the radio this week. No mention of any SEC activity.

 

[mathjak107]

there is no more to mention , he is fined and banned. done!

 

[clifp]

there is no more to mention , he is fined and banned. done!

I guess question is why is see still on the radio weeks after the SEC ban?

 

[mathjak107]

He may even have some tv shows somewhere still on.

The sad part is i found him to give pretty decent advice Most of the time i would agree with.

How ironic.

 

[samclem]

I guess question is why is see still on the radio weeks after the SEC ban?

I don't think an SEC judge can ban a person from having a radio show. The article linked in the OP didn't mention anything like that. Hosts who talk about money usually make it a point to run a specific disclaimer that they aren't giving investment advice, just providing general information, etc. He may even still be promoting investment seminars, etc on his show, but probably not his own anymore.

 

[MichaelB]

He's not banned from the radio, he is banned from the securities industry or associating with anyone in the industry, and his securities licesnse was revoked. I would imagine he could still have a radio show where he gives advice.

 

[teejayevans]

He's not banned from the radio, he is banned from the securities industry or associating with anyone in the industry, and his securities licesnse was revoked. I would imagine he could still have a radio show where he gives advice.

When I listened to his show, there is a disclaimer that they don't sell or represent RJL holdings (ie he doesn't represent his own company ), I'm guessing that the judge didn't buy it. Since there is no requirement that anybody on the Radio/TV/Internet be certified, he can continue along with all the other radio snake-oil salesmen.
TJ