ASC alleges Canmore resident James Domenic Floreani and Jayconomics Inc. breached Alberta securities laws

CALGARY, AB, Feb. 27, 2024 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that James Domenic Floreani and Jayconomics Inc. breached Alberta securities laws by publishing content on social media that promoted securities of certain issuers without disclosing that they had been paid by those issuers to make the social posts on their behalf.

According to the Notice of Hearing, between November 2020 and March 2022, Floreani and Jayconomics were paid by four Alberta reporting issuers to post favourable content on their behalf on YouTube, X (formerly Twitter) and Patreon. The Notice of Hearing alleges Floreani and Jayconomics were engaged in investor relations activities within the meaning of the Securities Act (Alberta) and failed to disclose that the social posts were made on behalf of these issuers as required by the Act.

These are allegations and have not been proven in a hearing.

An appearance to set a date for a hearing will be held on Friday, April 5, 2024 at 9 a.m.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission