Sorry, your cellphone game violates Dodd-Frank

The Securities and Exchange Commission has settled an enforcement action against Forcerank, LLC, a provider of a mobile phone game that enables players to engage in fantasy stock trading for a small charge, much of which was refunded to players in the form of prizes for successful predictions. The SEC takes the position that the transactions involved, however small, fall into the class of swaps and derivatives that, under Dodd-Frank, cannot be offered to the public except under intensively regulated conditions. [Stephen Quinlivan]


  • They need something to focus on while they’re ignoring all the real stuff.

  • So they can’t stop my grandparents being bullied into signing their pensions over to a time-share developer–calling my father on the phone immediately afterwards, sobbing, begging him to figure out a way to take it back–but by god they’ll crack down on a phone game where you pretend to trade stocks.