Posts tagged thinly-traded penny stock.
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Scam Spammers Use IM Apps to Pump & Dump
In a September 2 Alert, FINRA warns that scammers are using messaging app spam-casts to impersonate brokers and tout micro-cap stocks to "pump" their prices, before "dumping" their positions at the top and leaving investors holding the bag. Fraudsters merely are taking advantage of newer cross-platform messaging apps (like WhatsApp) that avoid SMS charges, thus making their spam-casts easier. In a pump-and-dump scheme, the scammers take a big position, typically in a thinly-traded penny (or "microcap") stock. Then they tout the stock urgently - often on pretended inside ...
Posted in: FINRA
Tags: burr forman, e-mail regulations, finra, IM Apps, microcap stock, Pump & Dump, pump-and-dump scheme, SEC, securities litigation, Securities Litigation & Arbitrarion blog, Securities Litigation & Arbitration, SMS charges, thinly-traded penny stock, WhatsApp
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