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Old 07-23-2013, 02:07 PM
 
Location: Fabulous Fallbrook, CA Avocado Capital
1,248 posts, read 1,444,519 times
Reputation: 2135

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This guy is well known is San Diego, and is broadcast is some other cities. Seems like a harsh penalty.

Thoughts...

U.S. SEC fines, bars 'Buckets of Money' radio host for fraud | Reuters
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Old 07-23-2013, 02:14 PM
 
64,532 posts, read 66,075,955 times
Reputation: 42978
He was banned too.
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Old 07-23-2013, 02:19 PM
 
29,462 posts, read 33,694,226 times
Reputation: 11093
Yup and much of his data discredited
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Old 07-23-2013, 02:36 PM
 
Location: Fabulous Fallbrook, CA Avocado Capital
1,248 posts, read 1,444,519 times
Reputation: 2135
Quote:
Originally Posted by mathjak107 View Post
He was banned too.
I know I used that in the San Diego Forum and could not use the same thread title!

Since the article says "no investors lost money", why the harsh fine? Don't these guys always push people into what they are selling. Ray holds "free" seminars all the time. So I don't get the "fraud"?

You go to these seminars, they push products, where was the fraud? In that he said you would earn a certain percentage and then he did not have the facts to back that up? I guess that is it.

He has a very folksy, down home charm. By the way here is some gossip, his daugher was a Charger Cheerleader for a couple of years and she married Ryan Leaf who was the biggest BUST of a Charger Quarterback EVER! He was drafted the same year as Payton Manning, Payton #1 and Ryan Leaf #2.

Ryan Leaf got a huge signing bonus so darling daughter marries the rich quarterback, and Daddy happens to be an investment advisor, marriage goes bust, Ryan Leaf is in jail, for stealing drugs, and now Ray Lucia is fined and banned.

Nothing is ever dull in San Diego, and I have not even mentioned our Mayor! Being investigated for sexual harrassment.
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Old 07-23-2013, 02:57 PM
 
Location: TX
795 posts, read 1,184,389 times
Reputation: 782
The fraud is in the misrepresentation of information, which breaches fiduciary responsibility.

Even if investors doubled their money it's still wrong.
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Old 07-23-2013, 03:32 PM
 
Location: Fabulous Fallbrook, CA Avocado Capital
1,248 posts, read 1,444,519 times
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Quote:
Originally Posted by celcius View Post
The fraud is in the misrepresentation of information, which breaches fiduciary responsibility.

Even if investors doubled their money it's still wrong.
Thank you, makes sense. He was always pushing REITS on his radio show and after a while it did get annoying.
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Old 07-23-2013, 04:07 PM
 
64,532 posts, read 66,075,955 times
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while i liked his system the reits never made sense. they are all not transparent and have loads of money in fees and expenses paid out .most of which i would bet is in ways you can not even identify.
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Old 07-23-2013, 06:20 PM
 
Location: Fabulous Fallbrook, CA Avocado Capital
1,248 posts, read 1,444,519 times
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Quote:
Originally Posted by mathjak107 View Post
while i liked his system the reits never made sense. they are all not transparent and have loads of money in fees and expenses paid out .most of which i would bet is in ways you can not even identify.
Thank you, and I don't have your vast knowledge, but the REITs never made sense to me either! And boy did he push them on the show and in every plan when people would call up asking for advice. Hmmm...now we know why...
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Old 07-23-2013, 06:29 PM
 
64,532 posts, read 66,075,955 times
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I tried one first hand and i can tell you it was a horrible deal behind the scenes.

I am still in it as there is no way out .
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Old 07-23-2013, 09:04 PM
 
Location: Fabulous Fallbrook, CA Avocado Capital
1,248 posts, read 1,444,519 times
Reputation: 2135
Quote:
Originally Posted by mathjak107 View Post
I tried one first hand and i can tell you it was a horrible deal behind the scenes.

I am still in it as there is no way out .
Sorry to hear that, but good to know. I have a feeling more details will be coming out about this, such a big fine. Time will tell...
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