“Instead of calling out brokers with completely conflicted business models who put trick clients into signing up for margin accounts, this video calls retail investors idiots.” “The SEC is insulting the very investors it’s supposed to be protecting and educating,” Lauer wrote. It urges potential investors to consider the risks of so-called meme stocks, celebrity-endorsed cryptocurrencies, investments promising guaranteed returns, and margin trading. The campaign is intended to reach “existing, new, and future investors of all ages,” the SEC wrote in a press release Wednesday. and music producer DJ Khaled, for promoting initial coin offerings to their fans and failing to disclose they were endorsements.Īll the public service campaign’s videos close with the same voiceover message: “Investing is not a game” before connecting the viewer to resources on the SEC website. When Julie selects “Celebrity Endorsements” in a third video, a mock celebrity tells her, “You should buy crypto, trust me-I’m an actor.” The SEC has previously fined celebrities, including professional boxer Floyd Mayweather Jr. “I don’t even know what that is,” he tells the host. Another video has Brad choosing to buy stocks on margin, the practice of borrowing money from a broker to purchase securities or shares. With his face coated in whipped cream, Brad asks, “We can do research?” to audience laughter. The other contestant, Julie, decides she will conduct research first. Among the other categories are “stock tips from your uncle,” “crypto to the moon,” and “timing the market.”Ī red X covers the screen as Brad loses even more money and gets pied in the face. In the longest clip, a contestant named Brad starts with negative $5,250 and buzzes in “meme stocks” from a game board of investment options. The financial watchdog released an unusual video as part of a campaign dubbed “Investomania” to educate the public to do careful research before making investment decisions, themed like a game show, with one 30-second video spot and three others at 15 seconds apiece.
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