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Social media has transformed many industries, and the investment industry is no exception. Investors may use social media for a wide range of purposes, including researching brokers, learning about investment strategies and researching specific stocks. Unfortunately, social media can also be used for harm, and securities fraud operations have learned to harness its power.
If you have concerns about fraudulent investment schemes, Russell L. Forkey, P.A. in Boca Raton is here to offer experienced advice and advocacy.
Wrongdoers can use social media to influence a stock’s price, either inflating its value by spreading false positive news or spreading negative rumors to cause the price to drop. Fraudsters may even impersonate a legitimate authoritative source to influence a stock’s price.
Make sure to properly vet an internet source before making financial decisions based on their advice. Watch for warning signs, such as a limited history of posts, unsolicited offers and high-pressure sales tactics.
If you feel that you may have been defrauded by a social media-using scam artist, an experienced securities litigation attorney can help you explore your rights and options. To learn more about how our law firm can protect your rights, please call us at 561-406-4644 or contact us online.