A high-profile case highlights the risks of taking financial tips from social media
The Alberta Securities Commission (ASC) has sanctioned social media personality James Domenic Floreani and his company, Jayconomics Inc., banning them from certain capital market activities for two years and ordering financial penalties for breaching Alberta securities laws.
The sanctions follow an April 2025 finding that Floreani, who promoted himself as an investment expert through YouTube, X and Patreon, failed to clearly disclose that a number of his posts were paid promotions on behalf of four Alberta-based issuers. Under the Securities Act (Alberta), such disclosure must be “clear and conspicuous.”
The ASC panel noted that Floreani had no formal training in finance or investing beyond an introductory course and online modules, yet positioned himself as a knowledgeable adviser. “Anyone can be a finfluencer, which increases the risk of harm to the public if it is not done appropriately,” the panel wrote in its decision.
Between 2020 and 2022, Floreani and Jayconomics were retained to promote the shares of Tenet Fintech Group Inc., Gold Mountain Mining Corp., Levitee Labs Inc., and Sekur Private Data Ltd. Payments for the promotional posts included $84,000 in fees from Levitee, $21,000 worth of Gold Mountain shares, and thousands of dollars in cash for YouTube and Patreon posts. Their YouTube channel had more than 50,000 subscribers, and their Patreon account drew over 2,000 paying members, with some followers commenting that they invested based on the recommendations.
In its September 26 decision, the ASC ordered the respondents to pay a $30,000 administrative penalty and $10,185.10 in costs, jointly and severally. They are also prohibited from engaging in investor relations activities, advising on securities or derivatives, and disseminating promotional material for two years or until the penalty is paid, whichever is later.
The panel declined to impose disgorgement of more than $100,000 sought by ASC staff, citing a lack of evidence of quantifiable investor harm and the case’s status as the first of its kind in Alberta. However, it emphasized that the misconduct was serious, given the reach of social media and the risk to retail investors.
The ASC reminded Albertans to verify that investment professionals are properly registered by using its “Check Registration” tool on CheckFirst.ca.
