A businessman who uses social media to drum up investments in his short-term rental properties is barred from selling securities in Colorado after state officials challenged his claims of high retu…
The Colorado Division of Securities has barred a Pennsylvania man from selling securities in the state for three years. The division says the businessman made several misrepresentations in social media posts and in several exchanges with an undercover investigator about his portfolio of short-term rental properties and the kind of money he has made.
The division subpoenaed bank records and information from Airbnb. Chan said the documents and an interview with Robertson and his attorney produced information that was “wildly different” from the pitches made on his videos and in exchanges with the undercover investigator, Robertson told the investigator that there were 32 people on his management team, but said during the interview with his attorney present that he had only one employee, according to the consent order.
Regulators also want to provide a “countervailing voice” amid all the noise on social media around money-making schemes, Chan said. She said people should take some time before hitting any buttons.
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