SEC Imposes $50K Penalty on Firm for Offering Fantasy Stock Trading Game
Posted: Thu Oct 13, 2016 6:55 am
The US Securities and Exchange Commission (SEC) has announced that Forcerank, a New York-based company, has agreed to pay a $50,000 penalty for illegally offering complex derivatives products to retail investors through mobile phone games that were described as “fantasy sports for stocks.”
The announcement comes just a day after the SEC last made the headlines after fining Artis Hedge Fund over $9 million for insider trading, as reported by Finance Magnates.
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An investigation by the SEC found that Forcerank failed to file a registration statement for a security-based swap ... (read more)