The California Department of Financial Protection and Innovation (“DFPI”) has received information that individuals are using the WhatsApp group “Sofi Investment Group” to falsely present themselves as licensed investment advisers. DFPI has also received information indicating that other WhatsApp groups may be engaging in similar conduct. These WhatsApp groups are not associated with SoFi Securities LLC, a registered broker-dealer in California, with any SoFi affiliates — including SoFi Technologies, Inc. and SoFi Wealth LLC (collectively “SoFi”) — or with any licensed investment adviser or broker-dealer in California.
Individuals in these WhatsApp groups falsely claim affiliation with SoFi leadership or SoFi personnel. These types of scams often involve impersonation of executives and staff of licensed investment advisers and broker-dealers and may occur on WhatsApp or other messaging platforms.
SoFi does not maintain any official WhatsApp accounts, does not conduct investment or brokerage business through WhatsApp, and does not authorize its personnel to solicit investments or provide financial services through WhatsApp or similar applications.
The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. To check whether an investment or financial service provider is licensed in California, or to submit a complaint, visit dfpi.ca.gov or call 1-866-275-2677.