Blogger promoted a number of mining, wellness investments
“Finfluencer” whacked by regulator over securities law breach
Blogger promoted a number of mining, wellness investments
The Alberta Securities Commission (ASC) has found that James Domenic Floreani, a self-described “finfluencer,” and his company Jayconomics Inc. breached provincial securities laws by promoting four publicly traded companies on social media without clearly disclosing that he had been paid to do so.
The decision, issued April 24, 2025, follows an abbreviated hearing in which Floreani and Jayconomics admitted to much of the ASC’s allegations. The case centres on investor relations activities carried out between November 2020 and March 2022, during which Floreani published sponsored videos and posts on platforms including YouTube, X (formerly Twitter), Patreon, and Discord, promoting the securities of Tenet Fintech Group, Gold Mountain Mining Corp., Levitee Labs Inc., and Sekur Private Data Ltd.
Under Alberta’s Securities Act, anyone engaged in investor relations must clearly and conspicuously disclose when content is created on behalf of an issuer. The ASC found that in most of the posts and videos in question, such disclosure was either missing or buried at the bottom of long video descriptions, often requiring viewers to click “Show More” to find it.
“Promotional in Nature”
The commission found that Floreani’s online presence, which amassed tens of thousands of followers, was “overwhelmingly promotional in nature” and lacked discussion of investment risks. Content typically highlighted share price growth, insider buying, and bullish projections, with titles such as “Why I Bought Heavily THIS UNDERVALUED FINTECH STOCK” and “This Stock EXPLODED to the NASDAQ.”
The ASC concluded that these posts reasonably could have been expected to influence investment decisions, a finding supported by user comments expressing reliance on Floreani’s recommendations.
While some videos included disclaimers noting that content was “for entertainment purposes only,” the ASC ruled that such statements did not meet the legal requirement for clear and conspicuous disclosure under section 103.1(2) of the Act.
Paid Content Without Clear Sponsorship Notices
The panel accepted evidence that Floreani received compensation from the issuers in the form of cash payments, shares, or both. In one case, Gold Mountain paid Jayconomics $21,000 and issued 20,000 restricted shares for promotional services. However, the commission determined that only two posts—one video and one buy alert—were definitively made “on behalf of” the issuer, noting a lack of evidence of further contractual relationships.
Levitee paid Jayconomics a total of $84,000 and agreed to issue 100,000 shares as part of a 12-month marketing agreement, while Sekur paid $6,300 for two YouTube videos. In both cases, disclosure of those relationships was absent or added retrospectively and not prominently displayed.
Tenet paid $750 for a video interview conducted by Floreani with its chief executive officer, which was labelled as “sponsored” only at the bottom of the video’s description.
Influence and Responsibility
The ASC decision reflects growing regulatory scrutiny of “finfluencers” — social media personalities who offer investing commentary, often to large online audiences.
Floreani, who had no formal training in securities law, claimed in interviews with ASC staff that he did not understand his legal obligations. However, the panel noted that ignorance of the law is not a defence.
As of June 2023, Floreani had ceased posting financial content, citing health issues and online threats he received after followers suffered investment losses in companies he had promoted.
Next Steps
While the ASC found violations relating to seven specific posts, it declined to find breaches in relation to a further five, citing insufficient evidence that they had been made on behalf of the issuers.
The matter now proceeds to a second phase to determine sanctions and cost orders. The commission has directed both parties to confirm whether they intend to submit new evidence on the issue of penalties by May 2.
