Wednesday, September 5 2012 9:51 PM EDT2012-09-06 01:51:31 GMT
The Securities and Exchange Commission announced Wednesday that it has initiated administrative proceedings against longtime San Diego financial radio and television personality Ray Lucia More >>
The Securities and Exchange Commission announced Wednesday that it has initiated administrative proceedings against longtime San Diego financial radio and television personality Ray Lucia for allegedly spreading misleading information to support his "Buckets of Money" investment strategy.More >>
SAN DIEGO (CBS 8) - Local money expert Ray Lucia is firing back at the SEC after being accused of misleading prospective investors.
The Securities and Exchange Commission announced Wednesday it has initiated administrative proceedings against Lucia. The SEC claims the financial guru gave investors a false sense of security by giving them misleading information about his investment strategy.
Lucia spoke to News 8 and said he plans to fight the allegations.
"I have decided, along with my attorneys, to vigorously defend myself against this because it's really not fair to myself, those that attend my seminars and the entire financial planning community," Lucia said.
He added that he has not been accused of any criminal wrongdoing.
