Security authorities in Ontario are cracking down on dangerous financial influencers.
A report today by the Ontario Securities Commission (OSC) revealed that resources are being shared amongst a global network of regulators to stop dangerous financial influencers — colloquially known in digital spheres as ‘finfluencers.’
As a result of the ‘Global Week of Action Against Unlawful Finfluencers,’ international financial watchdogs, including the OSC, engaged in complex exercises that shared evidence, interviews, outreach strategies, and law enforcement data on predatory finfluencers.
“International relationships are vital in countering this growing issue, and we are pleased to have played an important part in disrupting harmful finfluencer activity,” said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC, in a statement.
During the exercise, the OSC reviewed 87 finfluencers, and 9 separate parties that hired them.
Upon concluding investigations, it was determined that numerous finfluencers were sharing investment advice while not being registered as …