ASC finds Canmore 'finfluencer' guilty of breaching Alberta Securities Act
A Canmore resident branding himself as a financial guru breached Alberta's Securities Act when he promoted four companies' stock to his thousands of followers without properly disclosing the posts were sponsored by those companies, according to the Alberta Securities Commission (ASC).
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A news release from the securities law regulator Monday said that between November 2020 and March 2022, Canmore's James Domenic Floreani was acting as a financial influencer – a 'finfluencer' – by creating online content that showcased his financial savvy and investment advice.
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In a 19-page ruling issued last week, the commission revealed that Floreani posted promotional content on YouTube, X and Patreon on behalf of four Alberta reporting issuers without adequately informing his audience the posts were paid for by those companies.
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The ASC ruled that Floreani presented himself as knowledgeable and familiar with industry jargon, despite not actually having any formal education in finance or investing. His financial education was limited to a few introductory finance courses at Concordia University, as well as online courses offered through a platform called Udemy. However, none of these courses touched on securities law or regulation, according to the commission.
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The Facebook page for Jayconomics describe it as a Canadian digital media company that specializes in educational finance content with the goal of 'democratizing the financial landscape for all.' The company's YouTube page had upwards of 50,000 subscribers, the ASC noted.
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