SEC Warns of Social Media Schemes After Fraud Case

LinkedInWASHINGTON (AP) - Regulators are warning the public to be wary of social media sites that could be offering bogus investment schemes.

The warning follows civil charges filed by the Securities and Exchange Commission against an Illinois-based investment adviser who tried to sell fraudulent securities through Linkedin (LNKD).

The SEC accuses Anthony Fields of offering more than $500 billion in bogus securities to investors through the popular social media site. No one bought the investments, the SEC says.

Fields couldn't be reached for a response.

SEC officials say they have detected more fraud cases involving the use of social media.

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In these times be very careful with your monies.
Don't worry about the return on your money.
But, the return of your monies.
If it sounds to good to be true. It must be .

January 06 2012 at 1:06 AM Report abuse rate up rate down Reply