A contributor who has been a familiar face on Fox News has been fired. Deadline.com reports that investment manager and author Tobin Smith, a regular panel member on Fox News’ "Bulls & Bears" and a contributor to both Fox News Channel and Fox Business Network, was let go over "sponsored investment research" after he sent out an email and ad flier touting Petrosonic Energy.
While the campaign included a disclaimer that it was paid advertising and Smith didn’t mention Petrosonic on air, the promotion became an issue because his NBT Equities Research reportedly banked $50,000 for the campaign.
"Some investors who bought into the company based on Smith’s recommendation contacted [The Wall Street Journal’s] Market Watch blog, apparently not having read the disclaimer. Market Watch alerted its News Corp. sibling Fox News and was told that was the first it had heard of the matter," the story notes.
Fox Business Network has a rule that contributors aren’t allowed "to accept financial consideration of any kind whatsoever to issue research, advertisements, or to otherwise promote individual stocks or securities,” the report notes.