An Alberta Securities Commission panel has found that James Domenic Floreani and Jayconomics Inc. breached the Securities Act (Alberta) by conducting investor relations activities and failing to disclose that certain social media posts were made on behalf of four Alberta issuers. The panel determined that, between November 2020 and March 2022, Floreani acted as a “finfluencer” and made recommendations about purchasing certain securities, with public comments indicating viewers acted on those recommendations. Posts on YouTube, X, and Patreon did not clearly and conspicuously disclose they were made or disseminated on behalf of the issuers, contrary to the Act’s disclosure requirements intended to help investors assess the objectivity of the information. The proceeding will now move to a second phase to determine whether any sanctions or cost-recovery orders should be made, with the timing to be set after hearing from the parties.
Alberta Securities Commission 2025-04-28
Alberta Securities Commission finds James Domenic Floreani and Jayconomics breached disclosure rules for social media investor relations posts on behalf of four issuers
The Alberta Securities Commission panel found James Domenic Floreani and Jayconomics Inc. breached the Securities Act (Alberta) for undisclosed investor relations activities on social media. Floreani, acting as a "finfluencer," failed to disclose that posts on platforms like YouTube and X were made on behalf of Alberta issuers, violating disclosure requirements. The proceeding will advance to determine potential sanctions or cost-recovery orders.