Criminal Process/Securities, Commodities, and Exchanges: SEC Charges Investment Adviser with $500 Billion in Fake Securities Using Social Media

On January 4, the Securities and Exchange Commission charged an investment adviser with offering to sell $500 billion in fictitious securities, using social media such as LinkedIn.  The SEC press release on the case stated that the adviser, Anthony Fields, "used LinkedIn discussions to promote fictitious 'bank guarantees' and 'medium-term notes'," and that his postings "resulted in interest from multiple purported potential buyers."  In connection with this case, the SEC also issued a National Examination Risk Alert and an Investor Alert to warn other investment advisers and the public, respectively, about fraudulent investment schemes' use of social media.