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DOL Fights To End Oracle's Bid To Dismantle Bias Watchdog
June 22, 2020
The U.S. Department of Labor urged a D.C. federal judge Friday to toss Oracle's bid to defang the DOL's enforcement unit that sues federal contractors over alleged job bias, arguing that Oracle can't dismantle the enforcement regime, which it agreed to when it became a federal contractor. In a 54-page…
Ray Lucia’s Mythic Lift
June 19, 2020
Ten years ago, Ray Lucia was a successful San Diego-based financial advisor who through in-person seminars, webinars, books, radio and TV appearances promoted an uncontroversial and academically recognized method of savings for retirement. His “buckets of money” strategy encouraged dividing and diversifying savings among safer to riskier “buckets” and then…
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Lucia ends eight-year battle with the SEC
June 18, 2020
Lucia refused “to bow to an agency with unlimited resources unwilling to admit that its prosecution efforts had become wholly disproportionate to the alleged infraction.” Read the full article
After almost a decade of fighting, the SEC and Ray Lucia finally settle
June 18, 2020
After eight years of litigation, which went all the way to the Supreme Court, the Securities and Exchange Commission earlier this week said it had reached a settlement with veteran financial adviser Raymond Lucia, who rose to national prominence on his radio show and in books touting an investment strategy…
Radio host Ray Lucia settles with SEC but war over ALJ removals wears on
June 17, 2020
After eight years of litigation with the Securities and Exchange Commission, including a successful U.S. Supreme Court challenge to the appointment process for SEC administrative law judges, the onetime “Buckets of Money” radio host Raymond Lucia has reached a settlement with the commission. The deal announced Tuesday requires Lucia to…
Former Obama Official Challenges FSI’s ‘Regulation by Enforcement’ Argument
June 17, 2020
Phyllis Borzi, the former assistant secretary of Labor in the Obama administration, criticized some financial services advocacy organizations, including the Financial Services Institute (FSI), for a recent petition arguing that the Securities and Exchange Commission’s Share Class Selection Disclosure Initiative was a form of “regulation by enforcement.” Read the full article
New Civil Liberties Alliance warns Marco Island about use of fixed license plate readers
June 17, 2020
New Civil Liberties Alliance, the civil rights organization and law firm suing the city of Coral Gables over its use of license plate readers, has taken aim at the city of Marco Island over its plans to put readers on the S.S. Jolley and Goodland bridges. In a letter sent…
‘Buckets of Money’ Advisor Settles With SEC After Long Legal Battle
June 17, 2020
After a 10-year battle including a Supreme Court case in which he prevailed over the Securities and Exchange Commission, former RIA Raymond Lucia Sr. and his former advisory firm, Raymond J. Lucia Cos., agreed Tuesday to settle charges related to the marketing of their “Buckets of Money” retirement investing strategy.…