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by Mike Caswell

The Alberta Securities Commission has imposed a two-year ban on James Floreani, a Canmore "finfluencer," over videos he posted touting four listings. The ASC says that Mr. Floreani, who had a YouTube following of 54,000 subscribers, referred to one company as "insanely cheap" and another as being a "massive steal." In promoting the stocks, he failed to properly disclose that the companies were paying him.

The penalties for Mr. Floreani are contained in a decision that the ASC released on Monday, Sept. 29. The ASC has barred Mr. Floreani from disseminating opinions, promoting securities and doing investor relations work. He must also pay a $30,000 fine plus $10,185 in the ASC's costs. The penalties apply to Mr. Floreani and to a private entity that he controls, Jayconomics Inc.

In handing down the penalties, the ASC cited the need to deter masses of would-be YouTube promoters. "Given the ease with which the Respondents were able to start generating revenue ... there is a significant risk that anyone else with an internet-connected device could seek to emulate them," the decision reads. Those seeking to enter the "finfluencing" business require little to reach an enormous audience, the ASC observed.

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