The Securities and Exchange Commission warned investors on Friday to beware of fraudsters who use social media to manipulate stock prices and quickly disseminate false or misleading information, The Wall Street journal reports.
“While social media can provide many benefits for investors, it also presents opportunities for fraudsters,” the alert reads. “Through social media, fraudsters can spread false or misleading information about a stock to large numbers of people with minimum effort and at a relatively low cost. They can also conceal their true identities by acting anonymously or even impersonating credible sources of market information.”
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