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Violations of the New Marketing Rule- Hypothetical Results
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Transcript: hey everyone this is Leila Shaver with My RIA Lawyer and I want to talk to you about a recent case so if you are thinking I'm awesome I'm great I've got the marketing rule packs beware we are seeing more and more actions coming out from the SEC against firms who have violated the new marketing rule so today I want to talk to you about Titan Global Capital Management USA that's right this is a fintech company that was out there using hypothetical results in their advertising well they violated the new marketing rule by not having proper disclosures related to those hypothetical results namely they were looking at three weeks of data projecting that over an annualized period of time and suggesting to investors that they could get over two thousand percent in returns hypothetically of course they didn't have the proper disclosures that would allow investors to review that information within context so the SEC charged this firm with violations of the marketing rule in addition the SEC found they violated other SEC regulations by including hedge Clauses and their agreements with clients having misleading disclosures about the custody of the cryptocurrency assets they were managing for clients and of course my favorite and the sec's catch-all failing to implement policies and procedures that would have caught these issues and fix them this firm was ultimately fined over eight hundred thousand dollars in penalties and another 200 000 in discouragement so violating the marketing Rule and having improper disclosures misleading investors not having proper policies and procedures has cost this firm almost a million dollars in fines and penalties is that something you could handle if you are worried about the use of hypothetical information you're advertising if you're concerned about whether you have the proper policies and procedures in place given how you are out there advertising to people then you need to give us a call right now and today the marketing rule is top of mind for the SEC and you could be next so give us a call 770-462-2118 and let our team save you a million dollars foreign.
9 сен 2024
