Home | Global Markets | Movers & Shakers | Silicon Roundabout | Politics | Around the City | Contributors    

Ranting BBC Trader Alessio Rastani Trading For Others! Where is the FSA?

He told us that he goes to bed dreaming of a recession.

He has told us that Goldman Sachs rules the world.

Now he is advertising on Twitter that he traders for others on a discretionary basis - and appears to be advising on investments. The problem with this is he is not authorised by the FSA! Where is the regulator?

From Twitter:

MauiBoy90704 MauiBoy90704 

@alessiorastani Do you trade for others??
3 Oct Favorite Retweet Reply

alessiorastani Alessio Rastani 

@MauiBoy90704 @alessiorastani Do you trade for others?? ~ Yes a few people on discretionary basis.
3 Oct Favorite Retweet Reply

We commented previously that it looks like the BBC ranting trader, Alessio Rastani, was giving financial advice on his website. The instructional investment videos that he has up there come with no 'health warning' nor any caveat about investment advice.

His website, the LeadingTrader.com, seems to have all sorts of trading and financial advice.

Now has been tweeting that he 'trades for others' on a discretionary basis. However, the FSA website is pretty clear that giving financial advice and 'dealing in investments' are regulated activities. That is, you need to be regulated by the FSA to engage in these activities.

From the FSA register, it looks like Alessio Rastani is not authorised to give financial advice - nor engage in any other regulated financial activity, for that matter.

From Rastani's Facebook page and website it seems to us that he is clearly holding himself out as some sort of financial guru. On his Facebook page people are openly asking him what he thinks of certain types of investments! His profile picture describes himself as a "stock market & forex trader & trainer". He describes his mission as being "to inspire and educate people who want to start trading and those who are trading but have lost their way on to the path of success".

However, when the media storm erupted around his first appearance on BBC, he commented to the press that he was not really a trader, and that he was 'just an attention seeker'. That is, he is no investment professional at all?

We are happy to be corrected on this, but it looks like he is holding himself out as a financial investment professional, and he is not authorised to do this. He is openly doing this on Twitter, Facebook and his website.

Where is the FSA on this one?

No comments:

Post a Comment