“Buckets of Money” creator faces charges

Ray Lucia Sr., the creator of the retirement strategy called “Buckets of Money,” was charged by a judge with knowingly and fraudulently misleading potential investors.

Lucia has promoted his investment plan for years, both in books and on his San Diego-based financial show. However, he claimed that he performed backtests, which are methodical calculations. But when he was asked about the calculations, he said he did some in 1990 and no longer had copies.

The Securities and Exchange Commission, if they agree with the judge’s decision, will fine Lucia $300,000, bar him from associating with investing firms, and strip him of his investment adviser registration.

When it comes to investments, people should think twice about who they trust. Consult with multiple experts to find the best path.