Latest news with #JamesDomenicFloreani
Calgary Herald
28-04-2025
- Business
- Calgary Herald
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). Article content Article content 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. Article content Article content 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. Article content Article content Article content 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. Article content 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.
Cision Canada
28-04-2025
- Business
- Cision Canada
ASC finds that 'finfluencer' James Domenic Floreani and Jayconomics Inc. breached Alberta securities laws
CALGARY, AB, April 28, 2025 /CNW/ - The Alberta Securities Commission (ASC) has found that James Domenic Floreani and Jayconomics Inc. (the Respondents) breached the Securities Act (Alberta) by engaging in investor relations activities and failing to disclose that social media posts he shared as part of those activities were made on behalf of four Alberta issuers. An ASC panel determined that, between November 2020 and March 2022, Floreani was acting as a 'finfluencer' – someone who creates online content focused on finance, investment products, and advice. Floreani presented himself as knowledgeable and sophisticated in finance and investment, demonstrating familiarity and competence with the relevant terminology. In reality, Floreani did not have any formal education in finance or investing. He made recommendations about purchasing certain securities to members of his audience, and the public comments on the Respondents' posts demonstrated that viewers were acting on those recommendations. The panel found that a number of the posts made by Floreani on YouTube, X, and Patreon failed to clearly and conspicuously disclose that they were made or disseminated on behalf of the issuers, as required by the Act. Such disclosure is important because it helps prospective investors assess the objectivity of the information presented. The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost-recovery ought to be made against the Respondents. The timing of the next steps will be set after hearing from the parties. A copy of the decision is available on the ASC website at Check before investing The ASC recognizes that investing advice and information is readily accessible online, however not all information is provided by qualified individuals. To help protect themselves, investors should verify that the investment professionals, firms and online trading platforms they plan to use are registered by visiting the Check Registration page on Registration requires individuals, firms and platforms to be qualified to sell securities and to comply with securities laws and requirements, such as risk management, disclosure and client-focused behaviour. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
