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
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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
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