ASC finds that 'finfluencer' James Domenic Floreani and Jayconomics Inc. breached Alberta securities laws

CALGARY, AB, April 28, 2025 /CNW/ - The Alberta Securities Commission (ASC) has found that James Domenic Floreani and Jayconomics Inc. (the Respondents) breached the Securities Act (Alberta) by engaging in investor relations activities and failing to disclose that social media posts he shared as part of those activities were made on behalf of four Alberta issuers.

An ASC panel determined that, between November 2020 and March 2022, Floreani was acting as a 'finfluencer' – someone who creates online content focused on finance, investment products, and advice. Floreani presented himself as knowledgeable and sophisticated in finance and investment, demonstrating familiarity and competence with the relevant terminology. In reality, Floreani did not have any formal education in finance or investing. He made recommendations about purchasing certain securities to members of his audience, and the public comments on the Respondents' posts demonstrated that viewers were acting on those recommendations.

The panel found that a number of the posts made by Floreani on YouTube, X, and Patreon failed to clearly and conspicuously disclose that they were made or disseminated on behalf of the issuers, as required by the Act. Such disclosure is important because it helps prospective investors assess the objectivity of the information presented.

The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost-recovery ought to be made against the Respondents. The timing of the next steps will be set after hearing from the parties.

A copy of the decision is available on the ASC website at asc.ca.

Check before investing

The ASC recognizes that investing advice and information is readily accessible online, however not all information is provided by qualified individuals. To help protect themselves, investors should verify that the investment professionals, firms and online trading platforms they plan to use are registered by visiting the Check Registration page on CheckFirst.ca. Registration requires individuals, firms and platforms to be qualified to sell securities and to comply with securities laws and requirements, such as risk management, disclosure and client-focused behaviour.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

For further information please contact: For Media Inquiries: Tanja McMorris, Senior Advisor, Communications, [email protected]; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488