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Gawd, I really don't want to ask this, but I must as this issue is being brought up again on the GVSI Board. I actually believe the answer is in these two posts by nodummy but I can't reconcile the two, try as I might.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=163455957
Did Kim ever pump anything tradable?
I'm sure Kim Kardashian thought of herself as a social influencer rather than a paid pumper. It sounds so much nicer.
Yes, there were lots of crypto influencers who apparently had no idea they were expected to make disclosure.
Good for FINRA.
I don't know about RH, but I believe other financial institutions did the same thing. They might also be in line for punishment, as it was all the rage during COVID to pay "influencers" for advertising. This case was not that much of an outlier.
As you know, the Feds charged a number of crypto related businesses for doing this, and the crypto influencers who failed to disclose their compensation. This action seems to signal the regulators are moving on to other financial areas. Such a clean up is overdue.
That was probably inevitable. I'm surprised Robinhood didn't do it...
FINRA Fines M1 Finance $850,000 for Violations Regarding Use of Social Media Influencer Program
First Social Media Influencer-Related FINRA Enforcement Disciplinary Action
https://www.finra.org/media-center/newsreleases/2024/finra-fines-m1-finance-850000-violations-regarding-use-social-media
March 18, 2024
WASHINGTON—FINRA announced today that it has fined M1 Finance LLC $850,000 for social media posts made by influencers on the firm’s behalf that were not fair or balanced, or contained exaggerated, unwarranted, promissory or misleading claims. This case arises from FINRA’s targeted exam of firm practices related to the acquisition of customers through social media channels and represents the first formal FINRA Enforcement disciplinary action involving a firm’s supervision of social media influencers.
“As investors increasingly use social media to inform their financial decisions, FINRA’s rules on communicating with the public are especially critical. FINRA will continue to consider whether firms are using practices and maintaining supervisory systems that are reasonably designed to address the risks related to social media influencer programs,” said Bill St. Louis, Executive Vice President and Head of Enforcement, FINRA.
Between January 2020 and April 2023, M1 Finance paid social media influencers to post content promoting the firm, and instructed the influencers to include a unique hyperlink to the firm’s website that potential new customers could use to open and fund an M1 Finance brokerage account. M1 Finance also provided its influencers with graphics and a “Welcome Guide” that described specific services and features available through M1 Finance that influencers could highlight to make their social media posts more effective.
The firm paid influencers who participated in its program a flat fee for every new account that was opened and funded by the customer using a unique link provided by M1 Finance. The firm did not limit compensation influencers could earn. During this period, more than 39,400 new accounts were opened and funded with the help of approximately 1,700 influencers working on the firm’s behalf.
M1 Finance influencers made social media posts promoting the firm that were not fair and balanced, in violation of FINRA Rules 2210 (Communications with the Public) and 2010 (Standards of Commercial Honor and Principles of Trade). For example, an influencer advertising M1 Finance’s margin lending program stated that customers could “pay [margin loans] back at any given time . . . there is no set time period.” But in fact, investors who use margin are not entitled to any extension of time to meet the firm’s margin requirements, and the firm can, without contacting such investors, increase the maintenance margin requirement on their accounts at any time, force a sale of securities in their accounts, and choose which securities to sell, if a margin call occurs.
M1 Finance did not review or approve the content in its influencers’ posts prior to use or retain those communications, as required by FINRA rules. M1 Finance also failed to have a reasonable system, including written procedures, for supervising the communications that the firm’s influencers made on its behalf. These were in violation of FINRA Rules 2210, 2010, 3110 (Supervision) and 4511 (General Requirements-Books and Records), as well as the Securities Exchange Act of 1934 and the Exchange Act Rules.
In settling this matter, M1 Finance consented to the entry of FINRA’s findings without admitting or denying the charges. The firm also agreed to certify that it has remediated the issues identified by FINRA in a letter of acceptance, waiver and consent and implemented a supervisory system, including written supervisory procedures, that is reasonably designed to achieve compliance with Rule 2210.
It looks like Lloyd's of London shot him down since they are the insurer of last resort.
It should not happen today if they simply watched the transactions. When I worked at the hospital I had about 150 cards out but I could also put blocks on what merchants the card would be accepted at. At month end I'd get a download from the bank and it was simply a matter of sorting the transactions by dollar amount and vendor to see if anything stood out as abnormal. Oops I used the wrong card. Fine bring me a check.
Oh yeah. As if...
Though there's nothing unhealthy about, say, a BLT. I consider bacon a heath food.
Well they all look Low fat low cal lol
Yep. In the past, it's been pasta (twice), rice, and potatoes. This year it's SANDWICHES!!!
Well then! Add Starch Madness to your activities and interests for the next couple of weeks!
Some really nice-looking sandwiches...
Oh thats funny its food
Need all march madness info lol. I play in so many pools free and money. I barely watch a game all year until this week. A few years ago I did when we had some local kids play which is very rare in hockey country. Never played hoops. But love the tourney.
Excellent! Now here's something to chew on!
Serious Eats's Starch Madness begins tomorrow! This year's starch is: SANDWICHES!! This will be exciting!!
https://www.seriouseats.com/starch-madness-2024-8576506
Scroll down to see the competitors!
Thank you! ..it's been a great one....:)
Get AdBlock - it's FREE and I never get a popup - or any ads at all - on iHub
Also gett the FREE Ghostery and MalwareBytes
I'm what Paulie Cashews terms a free loader... and proud of it. I do contribute accurate, fact-filled and mostly literate posts which rules out Stocktwits for me.
You know, I was a big Raging Bull poster and saw the demise, just as I am seeing it here. I followed Stocktwits, but don’t like it. Not sure where to go next
You don't want to miss IHUB's final days. As a free member IHUB treats me to plenty of popup videos promoting stocks. What rubbish those stocks are! On the plus side, no one seems to buy those crap pennies. They don't even have active boards on IHUB and trading in them is almost nonexistent.
Fraudsters are stipid. DONT go buy a new truck and vacations when wage levels do not match it unless spouse is known to make money etc.
Now some people have been very wise with their money. I recall a few people commenting on someone on my street asking " How can a policeman afford a house like that?" The answer was simple. He built and sold homes in his off time so after 12 hour shifts would work 8 hours on a house. didnt live big otherwise. but did this for 20 years so NO he wasnt on the take. He was just a hardworking dude whose wife also had a good job. and managed his money and assets well.
Credit cards and frauds in general are almost always a result of improper checks and balances in place. However in some cases it requires a collaborater. large scale ones like this are just a lot of people dropping the ball along the way and auditors missing the mark also and yes auditors involved in most private companies also. Maybe not to the extent of pubcos. I have dealt with them on both. I also uncovered a fraud at a pubco and in that case a VP and a supplier were in cahoots. I was quietly pushed away from the work was doing but broke rank and took my findings to the top. Never made the news. I moved on to a better opportunity a few months later but left a bit of a legacy. Most admired what I did. IM proud of it
I have not out fired a lot of people during my working years but it a few cases it was out right improper use of CC. Just stupidity more than anything
This Pharma Bro' May Be Onto Something
https://www.businessinsider.com/centenarian-longevity-advice-pharma-ceo-mediterranean-diet-2024-3
Another sleepless night.....
...my neighbor banged loudly on my front door at 3 A.M...3 A.M. mind you!
...lucky for him, I was already up playing the bagpipes.
The Phoenix Economy
https://www.axios.com/2024/03/16/global-economy-post-covid-fed-rates
"Work Hard, Play Hard"
Happy Birthday for real, 🫒 🫒 !!
Damn. Fugelsang... I might as well admit that I tend also to read "Pennycook" as "Poppycock". But he'd probably like that.
Any Steeler fans here?..if so...holy fukking' shite'..... how insane is the Month of March in Pittsburgh, Pa. Not sure if I have ever seen anything like this "on the cheap" in the NFL ever...and it's actually happening in Pittsburgh. Talk about compounding!
It's great, isn't it? I've seen John Fuselgang on TV. He's funny in real life, too.
OPTI... Brett Rosen claims he's gona fix it right up... No problem getting a company with millions in revenue to merge.
The guy's smoking crack...
..
.
But GS is the OTC WHIZZ!
Fasten your seat belts and return your seat to the upright position. The stock is about to drop Monday morning.
I was making a joke....I know how it works. He simply embezzled money.
With George's extreme litigious history, no sane person would do a reverse merger into one of his trading shells. There are so many shells available without the hassle and risk of George.
https://www.msn.com/en-us/money/other/boeing-737-max-engine-issue-will-take-up-to-a-year-to-fix-company-says/ar-BB1jYCNk
https://www.seattletimes.com/business/boeing-criminal-inquiry-expands-with-subpoenas-and-grand-jury/
https://www.msn.com/en-us/money/companies/boeing-stock-descends-to-new-lows-with-more-turbulence-ahead-after-latest-incident/ss-BB1k0b2e?cvid=0f407cea2da449e0a66d9b25c14608d2&ei=24
Draws are paid via paycheck and not credit cards. Then the draw balance gets offset by earnings/commissions still on the paycheck. It's all W-2 income.
I wonder since Fanduel got involved if he was betting on football games.
Well, apparently he had expenses..lol.
Obviously someone wasn't watching the store. This had nothing to do with expense draws. It was downright credit card fraud.
Man..they are really cracking down on these expense draw users. He may not have been an owner...but he was the sole administrator . I don't see a difference :)
;) he he he
Jaguar's embezzler: According to Patel’s attorney, his client gambled away most of the money. He said Patel has a serious gambling addiction for which he’s been in treatment, and he apologizes for his conduct..
"Two sources told the News4JAX I-TEAM that the Jaguars weren’t aware of the missing money until online gambling company Fan Duel reached out."
"Patel has agreed to pay back the $22 million. He is currently out on bond."
https://www.news4jax.com/news/local/2023/12/15/should-have-had-oversight-unf-experts-analyze-how-ex-jaguars-employee-got-away-with-stealing-millions/
Former Jacksonville Jaguars employee who stole more than $22 million from team sentenced to 6.5 years
By Zoe Sottile, CNN
2 minute read
Published 4:29 PM EDT, Tue March 12, 2024
Prosecutors allege Patel stole millions using the team’s virtual credit card system over four years.
Patel formerly worked as manager of financial planning and analysis for the team, the Jaguars previously told CNN.
He was the sole administrator for the Jaguars’ virtual credit card system, according to a court filing. A virtual credit card system works similarly to a traditional credit card account but without a physical card.
Prosecutors say Patel created an elaborate scheme to siphon money while avoiding detection between September 2019 and February 2023.
He used the money to fund an extravagant lifestyle, according to court documents. His fraud paid for online gambling, private travel and accommodation for himself and friends, sporting tickets, a new Tesla, a Nissan pickup truck, cryptocurrency and a property in Ponte Vedra Beach, Florida.
https://www.cnn.com/2024/03/12/sport/amit-patel-jacksonville-jaguars-sentencing-spt/index.html
I need one of those cards!
DD Support Board and Fraud Research Forum
This forum is a place for ALL to share and build research and due diligence.
This is not a forum for recommending stocks to buy or sell. It is for information sharing only.
Please do not use this forum to promote stocks.
Feel free to build on the research already done by others or to present fresh new research.
Please start all informational posts with the ticker symbol of the stock.
Important links:
Another place to read some of nodummy's research:
http://promotionstocksecrets.com/
Great Forum for Litigation and Court Docket updates not posted on this board:
www.investorshub.advfn.com/boards/board.aspx
SEC trading suspensions:
http://www.sec.gov/litigation/suspensions.shtml
SEC press releases:
http://www.sec.gov/news/press.shtml
SEC administration proceedings:
http://www.sec.gov/litigation/admin.shtml
SEC litigation releases:
http://www.sec.gov/litigation/litreleases.shtml
Most recent SEC flings:
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=&owner=exclude&count=40&action=getcurrent
Great Website for basic information about the laws surrounding penny stocks
http://www.securitieslawyer101.com
Stock Dilution Scam:
A share dilution scam happens when a company, typically traded in unregulated markets such as the OTC Bulletin Board and the Pink Sheets, repeatedly issues a massive amount of shares into the market for no reason, considerably devaluing share prices until they become almost worthless, causing huge losses to shareholders. Then, after share prices are at or near the minimum price a stock can trade and the share float has increased to an unsustainable level, those fraudulent companies tend to reverse split and continue repeating the same scheme.
Pump and Dump Schemes:
"Pump and dump" schemes, also known as "hype and dump manipulation," involve the touting of a company's stock (typically microcap companies) through false and misleading statements to the marketplace. After pumping the stock, fraudsters make huge profits by selling their cheap stock into the market.
Pump and dump schemes often occur on the Internet where it is common to see messages posted that urge readers to buy a stock quickly or to sell before the price goes down, or a telemarketer will call using the same sort of pitch. Often the promoters will claim to have "inside" information about an impending development or to use an "infallible" combination of economic and stock market data to pick stocks. In reality, they may be company insiders or paid promoters who stand to gain by selling their shares after the stock price is "pumped" up by the buying frenzy they create. Once these fraudsters "dump" their shares and stop hyping the stock, the price typically falls, and investors lose their money.
http://www.sec.gov/answers/pumpdump.htm
The key is understanding
The key is understanding that pink sheet stocks are not investments - 99% of them will lose value over the long run and never accomplish most of their forward looking pumping statements they put in press releases or on their websites. Never believe the hype - always be skeptical of everything you hear.
The people mostly making money with pink sheet stocks are promoters, front loading pumpers with big followings they can dump on, crooks, some of the flippers, and sometimes the very lucky.
Pumpers only tell you to buy stocks that they already own. Pumpers only tell you to hold stocks because they want to make sure you hold longer than them.
They make money by pumping the stock and getting other people to buy then dumping their shares on the followers.
If you really want to take the risk of trying to make money trading pink sheet companies then you have to understand how the game works and never ever hold long term - take profits when you can. Pump and Dumps dominate the IHUB forums.
Trading pink sheet stocks is a sick game full of lies and deceit where people take advantage of the inexperienced and naive stealing away their life savings for their own personal gains.
Very little respect or morals exist in stinky pinky land.
The Consequences of an SEC Suspension:
Complete list of SEC suspended stocks and SEC Admin. Law Judge registration revocations from January 1st, 2010 to May 9,2020:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155531213
More information on Suspended Stocks
http://investorshub.advfn.com/SEC-Suspensions-&-Revocations-25334/
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