The National Securities Market Commission (CNMV) has agreed to open a sanctioning file against the Twitter platform, currently ‘X’, for the possible breach of its duties in relation to the advertisements published by ‘financial beach bars’ such as Quantum AI on its network .
The stock market supervisor has detailed in a statement that the executive committee made this decision on December 13 due to the possible commission of a very serious continuous infraction (according to articles 290.1 and 290.2 of the Securities Markets and Services Law). of Investment) by failing to verify whether Quantum AI was authorized to provide investment services and if it was included in the list of warned entities.
All of this, in relation to the Quantum AI paid advertisements published on the aforementioned social network in the month of December 2023.
In this sense, the CNMV has stated that, in a context of «growing impact«of financial fraud, it should be highlighted the media relevance that, coinciding with the publication of the Quantum AI advertisements on the platform warned by the national supervisor.
In this alleged scam, these ‘financial beach bars’ took advantage of the image of Spanish public figures to publish tweets on platform entities:
This has been communicated by the CNMV where «alerts about a financial fraud spread on social networks using the image of famous people and the media».
The fraud came before
Thus, in terms of the chronological order that has occurred so far, it is worth noting that the CNMV notified at the end of November 2023 of several websites of the ‘chiringuito’ Quantum AI that used the image of Antonio Resines and ‘El País’.
That month, the president of the CNMV at that time, Rodrigo Buenaventura, warned that the supervisor was investigating the social network advertising of these types of companies (specifically Quantum AI, but also other types of unauthorized companies).
Subsequently, 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 disseminate this information.” advertising without verifying that the advertiser has 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.
In addition, the CNMV website offers a seeker of warned entities and a decalogue of advice to investors to avoid ‘financial beach bars’.
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