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Earlier this year the U.S. Securities Exchange Commission (SEC) fined two companies for engaging in Artificial Intelligence (AI) Washing. The two companies were fined a combined $400,000 for the making false and misleading statements about their purported use of AI.
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Our latest regulatory review looks at all regulatory releases and notices issued by the Nova Scotia Securities Commission (the Commission) and the Canadian Securities Administrators (CSA) since February. In case you missed any of the releases or notices issued over that time here’s a quick rundown on what they meant for issuers and investors and links to the documents, where you can find the full details.
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Last week our blog looked at what to consider when getting advice from online finfluencers. This week were continuing our look at suspect online advice but this time we’re focusing on artificial intelligence (AI) being used by unregistered firms.
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Whenever you have a question where do you go to find the answer? Most people go online. It could be using Google or another search engine, or a social media site. Younger people are increasingly using social media sites for research purposes, especially TikTok and Instagram. This includes financial advice.
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The principal mandate of the Nova Scotia Securities Commission (NSSC) is to protect Nova Scotia investors. One of the ways we do that is by issuing investor alerts and cautions.
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Fraud prevention month may have just ended, but our fraud warnings haven’t. During fraud prevention month the Nova Scotia Securities Commission shared warnings and information about impersonation scams, registered professional crypto trader scams, and fraudulent crypto trading websites. This week we’re warning investors about precious metals investment scams.
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Throughout Fraud Prevention Month our Before You Invest Blog and social media channels have been sharing information on some prominent investment frauds that have been causing investors to suffer considerable losses. Today we’re focusing on a scheme where scammers claim to be a registered, professional crypto trader.
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If you live in Nova Scotia you may have noticed ads recently for an online crypto trading platform called NovaCrypto. Specifically, you may have seen ads like this:
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We’re back with the second part in our short series looking at impersonation scams. Last week we looked at rich and famous impersonation scams.
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It’s Fraud Prevention Month and to help protect investors we’re going to highlight a couple of prevalent scams that have caused considerable losses for investors throughout North America. Both are impersonation scams, but who is being impersonated is different.
In part one of our look at impersonation scams we’ll look at fraudsters who are impersonating rich and famous people to lure their victims to invest.