WASHINGTON, Sept 5 (Reuters) - U.S. securities regulators charged radio host Ray Lucia on Wednesday over investment seminars they said included misleading information.
The U.S. Securities and Exchange Commission said the host of the nationally syndicated "The Ray Lucia Show" inaccurately promoted a wealth management strategy as tested on historical data.
Lucia promoted his strategy, "Buckets of Money," as having been back-tested on historical data, according to the SEC, but performed "scant, if any, actual backtesting."
A lawyer for Lucia, Michael Perlis, said he thought the SEC allegations were "totally without foundation or merit" and said Lucia plans to fight the case.
The investment strategy involved separating investments into different "buckets" and is directed at retirees as providing them with income while protecting savings.
The SEC said it is seeking financial penalties and other remedial action through the case. (Reporting By Aruna Viswanatha. Editing by Andre Grenon)