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Lucia And The (Un)Constitutionality Of SEC Judges

Law360, New York (October 12, 2017, 1:13 PM EDT) -- Ray Lucia worked in the financial industry for 34 years, as a broker and later as an investment adviser. He gave free retirement planning seminars touting a wealth management strategy, with clearly labeled “hypotheticals” using “assumptions.” His presentations said his strategy was “back-tested.”

In September 2012, the U.S. Securities and Exchange Commission instituted proceedings charging Lucia’s “back-testing” claim was misleading and seeking an industry bar. In the Matter of Raymond J. Lucia Cos. Inc., ’34 Act Rel. No. 67781, AP File No. 3-15006 (SEC Sept. 5,...
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