In a press release here, there SEC instituted an Administrative Cease-and-Desist Proceeding against Raymond J. Lucia, Sr. and his companies.  The Order centers around claims of misrepresentations that Lucia made in his books, seminars and website.

In particular, the SEC claims that Lucia’s materials failed to disclose that his “backtested” models used:

• A hypothetical deterministic three percent inflation rate
• A hypothetical deterministic seven percent annual REIT return
• No annual fees

The Order can be found here.