Notice: Beware of ‘Pump and Dump’ Stock-buying scamsLast Updated: August 12, 2021
Alert: Please be informed that there are ‘Pump and Dump’ stock buying scams circulating around social media or messaging platforms such as WhatsApp and WeChat.
Fraudsters have posed as attractive women or stock trading experts in order to entice victims to purchase certain stocks from Hong Kong or the United States. These stocks tend to have low liquidity, small market capitalisation or have high shareholding concentration.
Fraudsters will sell these stocks at a profit, while victims will suffer substantial losses. We advise our clients to be doubtful of such recommendations through social media and to conduct their own due diligence before making any investments.
Be wary of stock tips provided by persons you have befriended online. Learn more