Social Media

FCA Consultation GC23/2 Financial Promotions on Social Media

  ShareSoc and UKSA have responded to the FCA’s consultation on financial promotions via social media. We express concern that less experienced investors are vulnerable to simplistic and potentially misleading messages published via social media, which may tempt them into unsuitable, high-risk, investments. We therefore propose stricter regulation of social media messaging that may encourage inappropriate investment. Mark Bentley, Director, ShareSoc

Tweeting False Information is a Crime

Yes tweeting false information is a crime, at least in the USA. Scottish trader James Craig has been charged by US prosecutors with fraud after he set up two twitter accounts and distributed false information on US firms Audience and Sarepta. This caused the share prices of those companies to fall by 28% and 16% and caused investors to lose over £1 million. Mr Craig has now disappeared. Mr Craig used Twitter account names that were similar to those of Muddy Waters ...