Social media is both a hell and a haven. Social
media increases awareness, connectivity and diversity. On the other hand, social
networking sites can potentially expose children to sociopaths, increase
vulnerability to computer viruses, lower attention spans, and since social
media has a culture all of its own, short-hand typing has found its way in
academia – much to the dismay of educators.Nevertheless, this cultural shift is imperative to understand and should be regulated.
According to Internet Regulation Laws | eHow.com, "illegal activities on the Internet are expanding, and the Internet regulation laws continue to expand with them. Scams are numerous, including the exchange of money through bank accounts and under the guise of customer service representatives or accounting representatives. A criminal conviction for a person who is employed in either of these situations could result in fines, repayment of the money and possible imprisonment. It does not matter that the employee is not the creator of this scam."
Infringement of intellectual property as described above will end in huge fines and a ban on conducting further business in some cases. It depends on the case and what the content of the problem really is. The Federal Trade Commission has several publications that outline past cases and how they were settled.http://www.law.com/jsp/cc/PubArticleCC.jsp?id=1202560843256&The_FDA_and_the_Regulation_of_Social_Media
Not providing the users to websites adequate information about the use of the website may cause legal actions such as a lawsuit, criminal charges and/or civil actions. Fines may be imposed as well as jail time. Again it depends on the severity of the charges. If it is a lawsuit you will be liable for attorney fees and the fines. Making false claims will incur fines and possible damages to the user of the information or product.
Here is a video with a weird url but it is from Robert Todd an attorney who goes into further explanations. Regulation is definitely needed but how is the question.
