SEC says adviser defrauded investors using LinkedIn - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

SEC says adviser defrauded investors using LinkedIn
Started:January 4th, 2012 (05:25 PM) by kbit Views / Replies:189 / 0
Last Reply:January 4th, 2012 (05:25 PM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

SEC says adviser defrauded investors using LinkedIn

Old January 4th, 2012, 05:25 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

SEC says adviser defrauded investors using LinkedIn

(Reuters) - Securities regulators charged an Illinois-based investment adviser on Wednesday with using LinkedIn and other social media networking websites to lure investors by offering more than $500 billion in fake securities.

The Securities and Exchange Commission alleged that Anthony Fields, 54, of Lyons, Illinois, made the fraudulent offers to sell securities through two sole proprietorships -- Anthony Fields & Associates (AFA) and Platinum Securities Brokers.

The agency said Fields provided false and misleading information about clients, assets under management and even the history of his firm's business.

The SEC said Fields, for example, lied on forms he filed with the commission by claiming to have $400 million in assets under management -- when he fact he had none.

The SEC also alleged that he violated numerous other securities regulations by failing to maintain adequate books and records or carry out proper compliance procedures. Fields held himself out as a broker-dealer even though he never properly registered with the SEC, the agency said.

Fields, who is representing himself in the case, could not immediately be reached for a comment.
The SEC's enforcement action against Fields comes as it has increased scrutiny of the use of social media in the financial services industry.

Last year, the SEC launched a broad review of outdated securities regulations that have not kept pace with the evolution of social media sites such as LinkedIn and Facebook.
As part of the review, the SEC is looking at whether to loosen regulations that ban general solicitations for private securities offerings.

Congress is also considering legislation to ease rules that restrict private companies' capital raising efforts, but both Congress and the SEC are trying to carefully craft any reforms to ensure they do not erode investor protections.
On Friday, the SEC's Advisory Committee on Small and Emerging Companies will discuss whether to recommend relaxing current restrictions on general solicitations for securities offerings.

The SEC on Wednesday used the enforcement case against Fields as an opportunity to make an example of the issue by warning investors about the dangers of online scams.

It also urged investment advisers to be more cautious about their use of social media to attract clients.
The agency issued two alerts on social media usage. One, targeting investment advisers, said SEC examiners have noticed that firms often have "multiple overlapping procedures" that apply to advertisements and client communications, and those procedures may not always specifically apply to social media.

"Such lack of specificity may cause confusion as to what procedures or standards apply to social media use," the SEC said in its alert. "Many procedures were also not specific as to which types of social networking activity are permitted or prohibited by the firm and many did not address the use of social media by solicitors."

The second alert offered tips to help investors avoid fraudsters who use the Internet to attract business.
"As investment advisers increasingly utilize social media to communicate with clients and potential clients, firms need to be mindful of the applicable standards governing those communications," said Carlo di Florio, the director of the SEC's Office of Compliance Inspections and Examinations.

SEC says adviser defrauded investors using LinkedIn | Reuters

Reply With Quote

Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > SEC says adviser defrauded investors using LinkedIn

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
SEC may have destroyed documents, senator says kbit News and Current Events 0 August 17th, 2011 08:27 PM
If It's Tuesday, Is It Time to Short LinkedIn Stock? Quick Summary News and Current Events 0 May 23rd, 2011 10:00 AM
Look Ahead: LinkedIn Hype Does Not End Market Worries Quick Summary News and Current Events 1 May 19th, 2011 09:27 PM
After LinkedIn: IPO Boom Likely Despite Volatile Market Quick Summary News and Current Events 0 May 19th, 2011 12:20 PM
Was Last May's 'Flash Crash' Actually Caused by the SEC? Quick Summary News and Current Events 0 September 15th, 2010 11:50 AM

All times are GMT -4. The time now is 05:43 PM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-28 in 0.07 seconds with 19 queries on phoenix via your IP