The Financial Industry Regulatory Authority (FINRA) suspended broker Christopher Andrew Carra for allegedly posting excessive and misleading messages on Internet discussion boards advocating the purchase of a specific investment while with the firm Newbridge Securities Corporation.
FINRA alleged that in attempting to solicit investment banking and consulting business from BioDrain Medical, Inc., Carra violated Newbridge's written supervisory procedures by posting 13 comments on the BioDrain Yahoo! message board under six different author names.
Several of Carra's statements, according to FINRA, were unwarranted and misleading, such as, "This one looks like a gem" and "Looks like the real deal."
The nature of the Internet and online message boards is one of anonymity: sometimes posts and reviews are not what they seem. For instance, British author RJ Ellory recently apologized for his "lapse of judgment" after it was discovered that he had written multiple false reviews to promote sales of his novels and attack rival writers.
As such, FINRA fined Carra $20,000 and suspended through July 15, 2013.
If you have relied on what turned out to be a false internet messages, postings or advice by your broker or advisor or any broker or advisor, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.