Fox Business Network has terminated the contract of contributor Tobin Smith, who was paid $50,000 to tout the stock of Petrosonic Energy, a network spokesperson told Business Insider.
Smith's contract was terminated under the network's contributor policy, which states that "no contributor to FBN, nor his/her firm, and/or family members are allowed to accept financial consideration of any kind whatsoever to issue research, advertisements, or to otherwise promote individual stocks or securities."
On Tuesday, MarketWatch's Chuck Jaffe reported that Smith, in a 20-page news mailer, touted Petrosonic's stock — from which Tobin's company, NBT Equities Research, pocketed $50,000. According to Jaffe, some people considered buying the stock "entirely based on Smith’s say-so, and the credibility he exudes in his Fox appearances."
According to Fox, Smith was a contributing market analyst for the network and was a regular panelist on the weekly investment program "Bulls & Bears."
ncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufony1u8GipWarnZ7BqXnFoqmenF2bvLl5zZ6urGWSqsCqusSsqmabn6PBs63CrWRraGFoenc%3D