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Social media influencer program leads to $850k fine by FINRA

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Photo: Getty Images

Julie DiMauro, Thomas Hyrkiel

2 min read
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Posts by finfluencers paid for by the firm were not balanced and potentially misleading, but resulted in thousands of new accounts being opened.

FINRA has announced that M1 Finance, a firm offering a robo-advisory investment platform, will pay $850,000 to settle charges that social media influencers paid by the firm made misleading or exaggerated claims to entice investors.

The announcement came the day before FINRA CEO Robert Cook told SIFMA’s conference in Orlando, Florida,

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