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Securities regulator wins court victory against stock manipulators who owe millions in penalties

Securities regulator wins court victory against stock manipulators who owe millions in penalties
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Particularly concerning that young adults with FOMO trust social media for investment advice, say regulators

  VANCOUVER Thirty-eight per cent of young adults in B.C. who experience the fear of missing out – commonly called FOMO – also think that social media is a reliable source of investing information, according to a survey from the B.C. Securities Commission. The finding is based on a survey of 2,000 people, and has worried regulators at the province’s independent securities commission. The risks of investment fraud and FOMO is now the subject of a public education campaign, launched in time for Fraud Prevention Month. “Results of this new research are particularly concerning because we’ve seen a surge in potentially fraudulent schemes peddled on social media during the COVID-19 pandemic,” said Doug Muir, the securities commission’s director of enforcement.

How to spot fraudulent investment schemes; regulator sees surge of deception on social media

“Results of this new research are particularly concerning because we’ve seen a surge in potentially fraudulent schemes peddled on social media during the COVID-19 pandemic,” said Doug Muir, the commission’s director of enforcement. “We also know that fraudsters put pressure on people to act quickly. It’s important to gather as much reliable information about an investment as you can before putting your money into it, and to not rush into it.” The commission surveyed more than 2,000 Canadians, including 1,000 B.C. residents to gauge how age and FOMO influence investment attitudes. The study found the younger you are, the more FOMO you have, with half of B.C. residents between 18 and 34 admitting they experience it compared with just 19 per cent of adults 55 or older. Thirty-eight per cent of B.C. adults under 35, who said they experience FOMO, believed social media to be a good source of investment opportunity. And 41 per cent of those believed that if they don’t

There s a cool new way to pay for stuff – avoid it

The Globe and Mail Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer The latest in financial engineering has brought a new way to pay for things you can’t actually afford. A growing number of retailers are offering customers the choice of paying by installments, even for small purchases. A typical payment plan for smaller purchases like cosmetics or clothes would be a series of four bi-weekly payments, with no interest charges or fees. If you pay on time, your payments might simply be the cost of your purchase divided by the number of installments you make.

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