Social Media And The SEC: Investment Advisers Beware

Law360, New York (January 19, 2012, 12:22 PM EST) -- The U.S. Securities and Exchange Commission has charged an investment adviser with offering to sell $500 billion of fictitious securities on LinkedIn.

The adviser, who was charged on Jan. 4, now faces an administrative proceeding before the SEC and may be ordered to pay a civil penalty and/or disgorgement. Indeed, in the immediate wake of its order bringing these proceedings, the SEC issued its first ever alert regarding the use of social media by investment advisers.

Investment advisers who utilize social media to communicate with clients...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.