Public Investing Fined $350k By FINRA

Public Investing Fined $350k By FINRA

According to a letter of acceptance, waiver, and consent, published by FINRA, the New York-based brokerage firm paid more than 100 influencers to promote its services on platforms like Instagram and YouTube between January 2020 and March 2023.  These paid posts, which attracted over 23,000 new accounts, are said to have often included misleading or unbalanced claims and failed to disclose that they were advertisements. Among the infractions, inf…

2021072581501 Open to the Public Investing, Inc. CRD 127818 AWC lp.pdf

From January 2020 to at least September 2022, Public Investing paid individuals with followings on social media sites (commonly known as “influencers”) to promote the firm in social media communications. Some of those communications included statements that were not fair and balanced or made claims that were misleading or unwarranted. Therefore, the firm violated FINRA Rules 2210(d) and 2010. From January 2020 to March 2023, Public Investing als…