SEC Says Ill. Man Used LinkedIn For Investment Scam

Law360, New York (January 4, 2012, 6:58 PM EST) -- The U.S. Securities and Exchange Commission on Wednesday hit an Illinois man with an administrative action alleging that he used social media websites like LinkedIn to attempt to sell up to $500 million in fake securities.

According to an order instituting the administrative proceedings, Anthony Fields, 54, promoted bogus “bank guarantees” and “medium-term notes” using a LinkedIn account. The solicitations, which began in the fall of 2010, garnered some reply emails from interested investors, the SEC said.

“Fraudsters are quick to adapt to new technologies to...
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