The National Securities Market Commission (CNMV) has agreed to open a sanctioning file against the social network X (previously called Twitter) for allowing financial beach bars to advertise freely on its platform. Specifically, the regulator points to the advertising of Quantum AI, which promoted an alleged scam using the image of David Broncano and Antonio Resines without their permission.
The stock market supervisor warns that the facts could constitute a very serious continued violation, since Elon Musk’s social network had failed in its duty to verify whether Quantum AI was authorized to provide investment services and if it was included in the list of warned entities of the CNMV, as it actually was.
In the alleged scam, the aforementioned financial bar took advantage of the image of the presenter and the actor, as well as other Spanish public figures, to publish tweets on platform in which one of these famous people claimed to have obtained high returns using their application.
The Quantum AI ads were published at the end of 2023. elDiario.es warned of the situation in November of that year and Broncano and Resines themselves were forced to do the same in a La Resistencia program.
After warning that it was supervising the situation, the CNMV issued a statement in mid-December 2023 in which it indicated that it would exercise “all the possibilities of supervision and sanction granted by current legislation, among others, the responsibility of the websites, media and social networks that spread this advertising without verifying that the advertiser has a license to offer investment services and that it is not warned as a financial beach bar or pirate entity.”
In that document, the Quantum AI entity was expressly named among the companies that were committing this alleged fraud and that had already been the subject of specific warnings from the CNMV.
Far from being an isolated event, the promotion of scams and impersonation of the media have continued to be the usual trend in X. Since Donald Trump’s victory in the US elections, Musk has joined the strategy with constant attacks on “the traditional press” and the media.
The CNMV’s warnings about financial stalls can be consulted on its website, which also offers a warned entities search engine and a decalogue of advice for investors to avoid being victims of fraudulent practices.
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