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Mark Lennihan / AP

Hundreds of articles published on top financial news sites were authored by individuals being paid to promote certain biotech stocks, according to enforcement actions announced today by the U.S. Securities and Exchange Commission. Such payments were not disclosed to readers, nor apparently to the sites themselves.

The charges: The SEC alleges that 27 individuals and entities "posted bullish articles about [publicly-traded] companies on the Internet under the guise of impartiality when in reality they were nothing more than paid advertisements." So far the SEC has settled with 17 of those charged ― with disgorgement and penalties ranging from $2,200 to nearly $3 million ― while it remains in litigation with the other 10.

What sites? Seeking Alpha, Forbes, TheStreet, Yahoo Finance, The Motley Fool, Benzinga, Minyanville, WallStCheatSheet, Small Cap Network, Investor Village and Market Playground. None of the sites are named in the charges.

Why it matters: Many financial sites publish contributed articles with little editorial oversight, as a way to increase volume. That makes it incumbent on readers to do their own research on authors, particularly if using the posts as the basis for stock trading decisions.

Go deeper

Pelosi urges White House to reinstate expired eviction moratorium

Photo: Drew Angerer/Getty Images

House Speaker Nancy Pelosi (D-Calif.) is urging President Biden and his administration to renew and extend the eviction moratorium after the House failed to secure enough votes to pass legislation to prevent its lapse.

Why it matters: Millions of tenants across the country face the threat of eviction after the moratorium expired this weekend.

Cuomo urges private businesses to move to "vaccine-only admission"

New York Gov. Andrew Cuomo (D) on Monday called for private businesses to incentivize getting vaccinated against the coronavirus by instituting "vaccine-only admission."

Why it matters: The Delta variant is driving up COVID-19 cases around the country to surge, but deaths and hospitalizations are overwhelmingly occurring in unvaccinated people.

Crypto industry faces $30 billion tax threat from infrastructure bill

Illustration: Sarah Grillo/Axios

It's finally "Infrastructure Week" and Congress is hammering out the details of a $1 trillion bill inching closer to the finish line. But one area that could face unpleasant consequences from the bill is cryptocurrencies.

Why it matters: Nearly $30 billion in taxes from cryptocurrency transactions, as part of the bill's "pay-fors," is at stake.

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