The expected penalty from the CMB has arrived: Fine for 'investment advice'

The Capital Markets Board (CMB) has imposed an administrative fine of 3 million 892 thousand 770 liras on Halil İbrahim Babadağı, citing that he sold shares in his possession after giving buy or hold recommendations to his followers via his social media account.

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The expected penalty from the CMB has arrived: Fine for 'investment advice'

Capital Markets Board (CMB) Chairman İbrahim Ömer Gönül had stated that they are monitoring the guidance provided to stock investors through social media channels and that measures would be applied to accounts that both provide investment advice and recommend stocks under the guise of education. Gönül had noted that the final measure that could be applied is account closure.

THE FIRST PENALTY HAS ARRIVED

Following Gönül's message yesterday, the first penalty was applied. The CMB imposed an administrative fine of 3 million 892 thousand 770 liras on Halil İbrahim Babadağı, citing that he sold shares of Oyak Çimento Fabrikaları AŞ (OYAKC), Martı Otel İşletmeleri AŞ (MARTI), Europen Endüstri İnşaat Sanayi ve Ticaret AŞ (EUREN), Alarko Gayrimenkul Yatırım Ortaklığı AŞ (ALGYO), Tureks Turizm Taşımacılık AŞ (TUREX), Petkim Petrokimya Holding AŞ (PETKM), Galata Wind Enerji AŞ (GWIND), Karsan Otomotiv Sanayii ve Ticaret AŞ (KARSN), and Aksa Enerji Üretim AŞ (AKSEN) that were in his possession after giving buy or hold recommendations via social media.

News Source: Hürriyet