Facebook Under SEC Investigation

Facebook Under SEC Investigation

July 3, 2018         Written By John H. Oldshue

The Securities and Exchange Commission (SEC) is investigating the public disclosures Facebook made after the Cambridge Analytica data leak, which affected 71 million Americans, according to CNN.

The inquiry is focusing on whether Facebook made complete and timely disclosures to the public and investors. Additionally, the investigation is exploring whether Facebook has been transparent with the public about the information Cambridge Analytica was collecting.

The FBI, Justice Department, and Federal Trade Commission are already investigating Facebook over the breach.

Facebook told Reuters they are cooperating with all four investigations and other inquiries over seas.

“We are cooperating with officials in the U.S., UK and beyond. We’ve provided public testimony, answered questions, and pledged to continue our assistance as their work continues.”

Cambridge Analytica, a firm that worked for President Trump’s campaign in 2016, used information that had been obtained by a 2014 app created by Cambridge University. While individuals who took the survey consented to have their Facebook information used, the scientist behind the app, Aleksandr Kogan, was able to also get information about their Facebook friends without the permission of those friends.

When Facebook learned about the data collection in 2015, it asked the company to delete the data.

A current Facebook employee, Joseph Chancellor, worked on the project with Kogan, and Facebook has told Congress they are investigating Chancellor’s involvement.



The information contained within this article was accurate as of July 3, 2018. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Low Interest Card
Top Features : No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months and Balance Transfers for 18 months
Featured Balance Transfer Card
Top Features : 0% APR for 21 months on Balance Transfers and 12 months on Purchases; no annual fee, late fee or penalty rate
Featured Bad Credit Card
Top Features : Reports to all three credit bureaus, perfect credit not required for approval
Featured Fair Credit Card
Top Features : All credit types welcome to apply!