SEC May Fine Advisors for Not Deleting Misleading Tweets

Posted on December 2nd, 2014 at 8:44 AM
SEC May Fine Advisors for Not Deleting Misleading Tweets

From the Desk of Jim Eccleston at Eccleston Law Offices:

According to the SEC, financial advisors could face enforcement actions for not deleting misleading social media posts.

Financial services firms need to consider the reputation of the site and who the users are, monitor charges on the site, and have clear policies as to who can comment and what can be said on the site.

The SEC has stated that it will be reasonable in judging how quickly a firm needs to remove a deceptive tweet or response.

The SEC also remarked that its investment management division has been fielding many inquiries from financial advisors as to whether LinkedIn endorsements on their company and employee pages are allowed.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: SEC, Eccleston Law, Twitter, Social Media, Financial Services Firms

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

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