SEC cracks down on rogue traders
The Securities and Exchange Commission (SEC) is cracking down on offenders with several warnings, a suspension and banning them from joining the stock market industry.
An 18 year-old who was giving investment advice on Twitter, despite being warned once, was banned for the next five years from joining the industry by the regulator.
A senior stockbroker has been suspended for a market offence as well as a listed company has been warned by the SEC.
“There are a large number of gullible investors being misled but now the new SEC Act has provisions to prosecute these market manipulations as offences. The regulator acted after monitoring Twitter and WhatsApp accounts and warning certain investors who are operating these accounts,” an official source told the Business Times.
Early this year, stockbrokers attributed deceptive social media endorsements by certain high networth investors leading the Twitter, and WhatsApp ‘game’. “There was misleading information on fundamentally strong stocks,” a stock broking company CEO said. They were informing retailers to sell out and make profits on certain shares, another stockbroker said alleging that these moneyed traders created fear anticipating buying lower on certain shares to make a quick profit.
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