Fields used LinkedIn to promote fictitious "bank guarantees" and "medium-term notes", which resulted in interest from multiple potential buyers. He also made multiple fraudulent offers through his two sole proprietorships – Anthony Fields & Associates (AFA) and Platinum Securities Brokers.
Further allegations on Fields include providing misleading information concerning AFA’s assets under management, clients, and operational history, in adequate compliance policies and procedures and false claims to be a broker-dealer without being registered with the SEC.
SEC Enforcement Division’s Asset Management Unit co-chief Robert Kaplan said quick adaptation to new technologies enables fraudsters to exploit them for illegal purposes.
"Social media is no exception, and today’s enforcement action reflects our determination to pursue fraudulent activity on new and evolving platforms," Kaplan added.
The commission has also issued two alerts, Investment Adviser Use of Social Media and Social Media and Investing: Avoiding Fraud, to highlight the risks faced by investors and advisory firms when using social media. The alerts also provide tips for background check of advisers and brokers.
The Office of Compliance Inspections and Examinations (OCIE) Director Carlo di Florio said that the firms needed to be aware of the applicable standards governing of social media websites due to increased usage by investment advisers to communicate with clients and potential clients.
