Fraud in Social Media Rising

The Security and Exchange Commission has charged a 54-year-old Illinois man of fraud after he tried to sell more than $500 billion dollars in bogus securities.

According to chicagotribune.com, Fields tried to sell the false securities through LinkedIn and other social networking sites.

The Associated Press reported that Fields not only provided falsified information about the company assets, but lied about being an adviser with the SEC.

As the SEC dug deeper into the issue, they also found that Fields did not have adequate amounts of books and records.

They also reported that even though nobody bought any investments there were several buyers interested.

According to chicagotribune.com, this isn’t the only time he’s committed fraud. The SEC is also looking into his two businesses, Anthony Fields & Associates and Platinum Securities Brokers, where he also made “fraudulent offers.”

Reuters.com reported that Fields “lied on forms he filed with the commission by claiming to have $400 million in assets under management — when he [in] fact […] had none.”

Fields does not have a lawyer and will be representing himself in the case against him, Reuters.com reported.