US regulators charged a financial adviser with trying to sell $500bn-worth of fraudulent securities on LinkedIn, and issued an alert warning investors of a growing number of social media schemes.
The Securities and Exchange Commission also called on investment advisory firms to bring their anti-fraud monitoring systems up to date with the evolutions in online communication.
The actions signal a determination of the SEC to pursue fraud on social media sites, and raise the stakes among the many investment firms who have been struggling to find the right technology to track their staff’s social network activity and comply with federal laws. Read more
A bill introduced in Congress on Tuesday could change the rules governing when technology companies like Facebook and Zynga must go public, allowing them to remain private much longer than currently permitted.
Under current guidelines of the Securities and Exchange Commission, companies must publish their financial details three months after the calendar year in which they reach 500 shareholders, including employees who hold stock in the company. Once they’ve made their financials public, most companies file for an IPO. Read more
Tech news from around the web:
- Apple’s chief operating officer, Tim Cook, has hinted strongly that there could be cheaper iPhone, according to Business Insider. Speaking to Bernstein analyst Toni Sacconaghi, Mr Cook said Apple was doing ‘clever things’ to attack the prepaid market, because he wanted Apple to be ‘for everyone’ not ‘just for the rich’.