by Ryan Randazzo - Sept. 17, 2012 05:37 PM
The Republic | azcentral.com
The Securities and Exchange Commission has charged radio host Ray Lucia Sr., who frequently airs on KFNN MoneyRadio 1510 in the Phoenix area, with spreading misleading financial information.
The SEC says that Lucia's "Buckets of Money" investing strategy was not "backtested" as the author claimed during a series of investment seminars across the country that he hosted to drum up potential clients. The seminars were promoted on his radio show.
Backtesting requires evaluating an investment strategy by applying it to historical financial data and calculating how it would have performed.
Lucia, who lives in the San Diego area, said during seminars that his strategy had been extensively backtested, but according to the SEC, the tests were extremely misleading and not conducted appropriately.
The SEC is seeking financial penalties and other remediation.
KFNN station owner Ron Cohen did not immediately respond to request for comment regarding whether Lucia's show will continue to air on the station.
www.investor.gov
18 Sep, 2012
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Source: http://www.azcentral.com/business/articles/2012/09/05/20120905phoenix-area-radio-host-accused-fraud.html
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