Stop Fake Investment News
This petition had 69 supporters
Mr. Hoffman your website "Seeking Alpha" continually allows Author's using psuedo-names to publish Fake/Incendiary articles about Investments/Stocks which they claim to have no financial intrest in.
These articles have been shown to cause financial harm to investors; especially individual investors. These individual investors do not have the resources to fend off the inevitable downside to their Investments caused by your company allowing these Fake/Incendiary articles to be published.
Your Company was recently named by the S.E.C in regards to bogus stock promotions. The following is an excerpt from an article written on the issues I've stated.
On Monday, the Securities and Exchange Commission sued 27 individuals and companies for their involvement in hundreds of conflicted articles that appeared on Seeking Alpha and other sites. The authors checked a box that said they hadn’t been compensated, concealing the payments they’d received from stock promoters, the SEC said in a statement.
To hide their identities, writers used multiple pseudonyms, even creating separate personas who claimed to have 20 years of investing experience. At one promotion company, writers even signed a contract forbidding them from disclosing their compensation. Seeking Alpha wasn’t accused of any wrongdoing.
“These companies, promoters, and writers allegedly misled investors by disguising paid promotions as objective and independent analysis,” Stephanie Avakian, acting head of SEC enforcement said in the statement.
Mr. Hoffman your company stated it applauded the effort. However the practice still continues on Seeking Alpha. I/We as individual Investors are asking for your company to provide stricter guidelines and rules other then a "box to check" stating your not being compensated.
I/We also ask that you not allow Psuedo-names for Authors who post articles. If these Author's believe in the validity of their thesis on a specific company/investment they should have no problem sharing their identity. By it's very nature allowing them to shield their true identity lends itself to deceptive practices.
It's time for your company to stand up for the rights of individual Investors against those who seek to profit off of them. If your company makes these changes others will follow.
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