WASHINGTON (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.
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.