Social media 'finfluencer' breached Alberta's security laws, says watchdog

Meghan Grant · CBC News

· Posted: Apr 29, 2025 5:03 PM EDT | Last Updated: 17 minutes ago

A Canmore "finfluencer" broke securities laws by failing to disclose that he'd been paid to beforehand the stocks of 4 companies, the Alberta Securities Commission has ruled. 

The committee issued its 22-page determination against self-proclaimed fiscal guru James Domenic Floreani, known connected societal media by his grip Jayconomics.

The province's securities watchdog recovered that Floreani was acting arsenic a fiscal influencer — finfluencer — erstwhile helium breached the Alberta Securities Act successful posts to his YouTube, X and Patreon accounts.

Between November 2020 and March 2022, Floreani promoted 4 Canadian companies: Tenet Fintech Group Inc., Gold Mountain Mining Corp., Levitee Labs Inc. and Sekur Private Data Ltd.

Followers acting connected recommendations

Those companies paid him, successful total, implicit $100,000 for the sponsored content, according to the ASC.

At the time, Floreani's YouTube relationship had much than 50,000 subscribers.

Alberta's Securities Act requires anyone who is engaged successful capitalist relations to intelligibly disclose erstwhile contented is created connected behalf of an issuer, which the ASC ruled Floreani failed to do. 

"Such disclosure is important due to the fact that it helps prospective investors measure the objectivity of the accusation presented," said the ASC successful a statement.

"He made recommendations astir purchasing definite securities to members of his audience, and the nationalist comments connected [Floreani's] posts demonstrated that viewers were acting connected those recommendations."

No concern oregon investing experience

One of the titles of a Jayconomics YouTube video was: "This Stock EXPLODED to the NASDAQ."

The ASC noted Floreani did not person acquisition oregon ceremonial acquisition successful concern oregon investing.

On his LinkedIn page, Floreani described Jayconomics arsenic "a Canadian integer media institution specializing successful the instauration of acquisition concern contented with the extremity of democratizing the fiscal scenery for all."

Floreani told investigators helium was not acquainted with securities instrumentality and was unaware that the posts should person included specified disclosure.

Although the committee noted that ignorance of Alberta securities laws is not a defence, the ruling did authorities that Floreani's mentation "may beryllium applicable to what sanctions are appropriate."

Health issues, threats

In its property release, the ASC recognized the increasing inclination of online finfluencers, noting that "not each accusation is provided by qualified individuals." 

In his interrogation with ASC investors, Floreani said helium stopped posting fiscal contented successful aboriginal 2022 aft helium and others mislaid money. 

Floreani told investigators helium recovered it hard to woody with those consequences and said his wellness suffered arsenic a result. 

He besides said he'd begun receiving threats online. 

The ASC volition present find whether to enforce sanctions oregon a cost-recovery order.