Inc. Inc. Inc. With a value of $ 350,000 and was controlled by the Financial Industry Regulatory Authority (Finra) on failures related to the use of social media effects of marketing.
According to admission letter, the concession and approval, published by the New York -based mediation company, prompted more than 100 influencers to promote its services on platforms such as Instagram and YouTube between January 2020 and March 2023.
These paid publications, which attracted more than 23,000 new accounts, often included misleading or unbalanced claims and failed to reveal that they are ads.
Among the violations, the influencers described the company’s services as “commission -free” without clarifying that other fees may apply or provide access to the company’s fee schedule.
In addition, it is claimed that others who promoted the trade of fractures without revealing the main restrictions. Finra says public investment also failed to review, agree or retain records of these communications properly, which violates the multi -finra rules as well as the stock exchange law.
Finra found that the company lacks a suitable supervisory system to supervise the communications that were published by the influencers and did not implement effective written supervisory measures during the period in question.
In addition to the fine and oversight, the public investment must provide a written certificate within 60 days that dealt with problems and implement a compatible supervisory framework. The settlement avoids official disciplinary procedures, as the company does not recognize or deny the results.
It accepted public investment and approved the results of the Finra without admitting or denying it.