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Back in August, Edwin Dorsey, author of "The Bear Cave" financial newsletter, warned about a rash of pump-and-dump stock schemes being spread through chatrooms and revolving around thinly traded China-based stocks.
It looks like his dire predictions are coming true.
In early August, Dorsey released a report detailing the scams which operate through hundreds of groups on WhatsApp and other social media.
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Dorsey claimed that the scammers first build trust with legitimate stock tips and promise quick profits before steering victims into obscure micro-cap stocks.
The Bear Cave pointed specifically to six stocks that could be targeted by the pump-and-dump scheme in the near future:
All of these stocks raced higher on either no news at all or insignificant press releases—more evidence of potential manipulation.
The Bear Cave has launched a website, StopNasdaqChinaFraud.com, to crowdsource evidence and aid with investigations against the alleged perpetrators.
Some of the other stocks mentioned by users on the site include:
Investors should be wary: sudden surges in little-known stocks being promoted on WhatsApp and other social media are a major red flag for pump-and-dump fraud.
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