In 2012, the SEC commenced an enforcement proceeding against Raymond J. Lucia Companies, Inc. (RJL) and its principal, Raymond J. Lucia, Sr., alleging that they had made material misrepresentations when presenting backtested performance of their proprietary “Buckets of Money” investment strategy. Those routine fraud allegations eventually took a back seat to the respondents’ argument that the SEC’s administrative law judge who heard the case had not been validly appointed. In Lucia v. SEC, the U.S. Supreme Court (Court) agreed with the respondents’ argument and remanded the matter to the SEC for a new hearing. In a somewhat anticlimactic end to the eight-year litigation, Lucia and RJL recently consented to the entry of a settlement order (Final Order) against them, which gives the SEC essentially all of the relief it initially sought, albeit with a lower civil penalty. This article recaps the tortuous litigation and details the Final Order. For more on the Court’s decision, see “What Are the Implications of the Supreme Court’s Decision in Lucia v. SEC for Fund Managers?” (Jul. 19, 2018).