Failure to effectively monitor statements made by social media influencers has resulted in a $350,000 fine for New York-based online brokerage Open to the Public Investing. According to the Financial Industry Regulatory Authority (FINRA), the fine has been issued after the company settled the matter without admitting or denying the findings.
FINRA penalizes broker-dealer firm for social media, finfluencer missteps
FINRA alleged that influencers’ communications were not fair and balanced and included misleading or unwarranted statements.