I’m hard pressed to think of an investment advisor on radio who hasn’t wound up being forced off the air by the SEC or in legal trouble over fraud.
http://www.reuters.com/article/2013/07/09/radio-adviser-fined-idUSL1N0FF1QW20130709
Ray Lucia had temporarily vanished – last September the SEC had filed charges against him for presenting proof of his Buckets of Money investment strategy. The SEC pushed him to prove his claim that he had “back tested” his strategy seeing how it would have worked in the past. All he could come up with was a claim that he had put together a two page spreadsheet in the 1990s that he has since lost. A federal Judge has now agreed with the SEC and Ray Lucia is banned from offering investment advice – he plans an appeal.
The odd part about this to me is it’s well known that you should not use past history to project future results. I don’t know why the SEC would consider back testing a defense against claims of giving inappropriate investment advice.
With an increased budget, the federal government should be able to staff up and monitor local tv weatherman and ban those that cause people to get wet during picnics.
Not necessary. There is nothing guaranteeing a right to have a picnic.
Could ban picnics without permits. 😉
Ray Lucia may be deserving of his fine, but he is just a small fish. Anyone willing to hold their breath until the SEC goons go after the true financial terrorist will ‘go blue’ in the face. Hint to the Sec goons: lay in wait in the halls of the congressional building and/or inside congressional hearing rooms, and you should be able to find a few inside traders.