Man accused in social media of fraud, seeks $1 billion damages

Discussion in 'Wall St. News' started by marketsurfer, Feb 27, 2013.

  1. Ya gotta be careful what you say online---,0,7962842.story

    A Chicago man accused last year of trying to sell bogus securities through social media has turned around and filed a $1 billion lawsuit against the Securities and Exchange Commission, alleging defamation of character, slander, libel and undue hardship.

    Anthony Fields, who lives on Chicago's North Side, filed his lawsuit in the U.S. District Court in the Northern District of Illinois on Feb. 19. The SEC declined to comment on Monday.

    Last year, the SEC alleged in an administrative proceeding that Fields had fraudulently used LinkedIn to promote fictitious "bank guarantees" and "medium-term notes." It also said Fields lacked the credentials to sell securities. His postings drew interest from potential buyers, but the SEC allegations didn't claim that Fields succeeded in selling any through his two sole proprietorships. The SEC said he also provided false information about assets under management, clients and background through a website.

    In December 2012, Fields said in his lawsuit, an SEC administrative law judge issued an initial order dismissing an alleged violation over not having a written code of ethics, but fined him $150,000 for violating securities regulations and prohibited him from becoming a broker or investment adviser.

    "However, the order was vague and failed to address the allegations of selling fraudulent securities or trying to buy and sell fictitious securities on social media," Fields said in his lawsuit. He is representing himself. The SEC "did not produce any securities that would be considered fraudulent."

    He said his reputation as a businessman and accountant has been ruined, and his family and friends -- who are now supporting him financially -- embarrassed. Fields cited more than a dozen news outlets, including the Chicago Tribune, that wrote about the SEC's action. He said he has been unable to open a bank account, get a job or pay child support.
    He is seeking a jury trial and a total of $1 billion in damages.
    - See more at:,0,7962842.story#sthash.h8s8ufa2.dpuf
  2. Visaria


    A billion dollars? Slightly excessive, i think.
  3. <iframe width="420" height="315" src="" frameborder="0" allowfullscreen></iframe>
  4. I think "he is representing himself" tells you all you need to know.

  5. F'ing loser. I hope this nothing more the a lame publicity stunt. Yeah right you are going to beat the government.
  6. He is totally guilty from the looks of it.
    These allegations are really, REALLY difficult to prove solidly so as to be awarded any damages from a favorable jury trial.
    Will the SEC settle this out of court ?
    I hope not.
  7. No, no, no Surf. This is the new standard - no freedom of speech in America. All of the SEC statements were true. The bad guys always sue whenever something is written about them...regardless of whether it is false or true.
    This is a well-known pattern of fraud.
    PA state senator Vince Fumo aka Vince "Sue-Mo"...sued everyone who said or wrote anything against him.
    He's now in jail for 5 years....after the feds, in an exhaustively thorough investigation found that all of the allegations against him were true and then some.
    #10     Feb 27, 2013