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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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele


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