The Securities and Exchange Commission has filed a cease-and-desist order against noted investment advisor and radio personality Ray Lucia, alleging a series of misleading statements in retirement-strategy seminars plugging Lucia's "buckets of money" strategy.

The SEC's order instituting proceedings (OIP) details what the agency describes as "materially misleading" presentations to prospective investors that amount to fraudulent activities under the Investment Advisers Act, charges that Lucia strenuously denies.

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