{"id":1000,"date":"2012-01-06T20:07:02","date_gmt":"2012-01-06T20:07:02","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/01\/securities_and_exchange_commis_7"},"modified":"2022-03-09T16:13:44","modified_gmt":"2022-03-09T22:13:44","slug":"securities-and-exchange-commis-7","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-and-exchange-commis-7\/","title":{"rendered":"Securities and Exchange Commission Charges Investment Adviser with Committing Securities Fraud on Linked In"},"content":{"rendered":"

\t\t\t\tThe SEC has charged investment adviser Anthony Fields with selling bogus securities on LinkedIn and other social networking sites. The alleged financial fraud<\/a> has prompted the agency to put out two alerts warning of the risks that advisory firms and investors must contend with in the social media era. <\/p>\n

According to the SEC, Fields used social media sites to offer over $500 billion in fake securities. He used Platinum Securities Brokers and Anthony Fields & Associates, which are his two proprietorships, to make numerous fraudulent offerings. He also allegedly provided misleading and untruthful information about Anthony Fields & Associates’ clients, assets under management, and operational history on the company’s Web site and in filings submitted to the Commission. The SEC claims that Fields did not maintain the necessary records and books, gave the impression that he was a broker-dealer even though he is not SEC-registered, and failed to implement appropriate compliance procedures and policies. <\/p>\n

With retail investors turning to LinkedIn, Facebook, Twitter, YouTube, and other online networks to get information about investing, the risks of becoming exposed to fraud are growing. The SEC’s Office of Investor Education and Advocacy is offering investors a number of tips to avoid financial scams online, including:<\/p>\n

\u2022\tBe careful of unsolicited investment opportunities-especially from someone you don’t know.
\n\u2022\tBe wary of any investment opportunity that sounds too good to be true.
\n\u2022\tWatch out for “guaranteed returns” \u2013 there is no such thing.
\n\u2022\tConsider it a “red flag” if you experience any pressure to invest or buy immediately.
\n\u2022\tWatch out for affinity scams, which usually target group members.
\n\u2022\tMake sure that your privacy is always protected online.
\n\u2022\tAsk lots of questions about any investment opportunity.
\n\u2022\tDo your due diligence.
\n\u2022\tDon’t provide your Social Security number, any account information, or other sensitive data to or on social media Web site.
\n\u2022\tWatch out for “friend” requests from financial service providers that you don’t know-remember, once you let them “in,” you are giving them access.
\n\u2022\tPick a solid password and don’t use the same one for multiple accounts.
\n\u2022\tDeactivate file sharing.
\n\u2022\tBe careful when using public computers or Wi-Fi that is accessible to others.
\n\u2022\tArm your computer with a firewall and antivirus software.
\n\u2022\tLog out of your social networking accounts when you are not using them.
\n\u2022\tWatch out for unfamiliar links sent to you-especially if you don’t know the sender.
\n\u2022\tMake sure your mobile device is secure.<\/p>\n

Examples of investment scams that have been known to use the Internet and social media:<\/em>
\n\u2022\tMarket manipulation schemes \u2022\tPump-and-dump scams \u2022\tFraud marketed through spam e-mail or online investment newsletters
\n\u2022\tHigh yield investment program scams \u2022\tFraud offerings made online
\nSEC Charges Illinois-Based Adviser in Social Media Scam Agency Issues Alerts on Social Media Risks for Investors and Firms<\/a>, SEC, January 4, 2012
\nRead the SEC’s Investor Alert<\/a> (PDF)<\/p>\n

Read the SEC’s investor bulletin on understanding your accounts<\/a> (PDF)<\/p>\n


\nMore Blog Posts:<\/strong>
\nFBI Arrests Texas Leader of Pump-and-Dump Scheme<\/a>, Stockbroker Fraud, March 23, 2011
\nLancer Management Group LLC Hedge Fund Manager Acquitted of Charges He Ran Market Manipulation Scam, Institutional Investor Securities Blog, May 5, 2011
\nBarclays Capital Ordered by FINRA to Pay $3M Fine For Alleged Subprime Mortgage Securitization-Related Misrepresentations, Institutional Investor Securities Blog, December 23, 2011 Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The SEC has charged investment adviser Anthony Fields with selling bogus securities on LinkedIn and other social networking sites. The alleged financial fraud has prompted the agency to put out two alerts warning of the risks that advisory firms and investors must contend with in the social media era. 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