Just when financiers were getting their head around the fact Facebook postings could get them in serious trouble at work, now Twitter has reared its ugly as head as another online location where you could damage or ruin your career.
Finra “has suspended a California-based broker for sending a series of “misrepresentative and unbalanced” messages” she sent on Twitter.
She’s been fined $10,000 according to FINRA’s quarterly disciplinary report, which you can download here.
The agency is really cracking down on this – it has even created a “social networking task force.”
The broker at fault had about 1,400 Twitter followers, and would tweet out investment advice without telling her firm she was doing it, and would recommend stocks in which she herself had a position.
One of the tweets Finra took issue with, according to Dealbook:
“Keep an i on AMD ppl! Just bike abve $5 = margins & institutionals can now ‘play ball!’ Barclay upgraded to $7 ystrdy, but it should be $10+.”
“How accurate am I with AMD? Just check out my tweets! The future of AMD in 2010? Ummm..I would say $12 is conservative!”
And her bad internet behaviour extended further.
According to Finra, she
- Didn’t tell her firm she was president of a jewelry company, on the side
- Didn’t tell her firm she was a translator for a foreign currency trading firm, on the side
- Didn’t tell her firm she had “financial interests or trading authority in multiple brokerage accounts,” on the side
- “Falsely represented on outside brokerage account applications that she was not affiliated with a brokerage firm”
- Created websites related to the firm but didn’t tell said firm about it.
We couldn’t find her name.