*50 Cent is facing a possible investigation by the U.S. Security Exchange Commission after causing the penny stock of a TV marketing company he is a shareholder in to jump up in value.
As previously reported, the rapper became an investor in TV Goods, which develops and markets consumer products in a variety of media, in October, and used his Twitter this week to proclaim it would become a huge success.
He then encouraged his fans to follow in his footsteps so they could cash in too, writing, “You better get in now I’m never saying this again. Watch how this company blows up. Follow my lead there (sic) going to get bigger trust me even if its (sic) a small investment it will pay off.”
His declaration prompted a number of his 3.8 million followers on the social networking site to rush to buy shares in the H&H Imports-owned firm, bumping the value of its penny stock from 29 cents to 39 cents by close of play on Monday.
The boost meant 50 Cent’s 30 million shares in TV Goods were now worth an extra $8.7 million, but reports suggest his actions on Twitter could have violated the rules on manipulating stock value, and he could find himself under investigation by the SEC.
A spokesperson for the SEC has declined to comment on the speculation, telling Fox411, “We can neither confirm nor deny (the reports).”
But 50 Cent, real name Curtis Jackson, appears to have seen the error of his ways – he’s since deleted the original tweets and posted a new note, warning fans they should seek professional advice before investing in any stock.
He writes, “(My) own HNHI stock thoughts on it are my opinion. Talk to (a) financial advisor about it. HNHI is the right investment for me it may or may not be right for (you)! Do ur (sic) homework.”