The Financial Industry Regulatory Authority’s (FINRA) issued a new Investor Alert called “Messaging Apps Are Latest Platform for Delivering Pump-and-Dump Scams.” Investors should be wary of stock promotions sent through messaging apps such as WhatsApp. WhatsApp users were inundated with text messages touting the stock of Avra Inc. The messages appeared to be sent from well-known brokerage firms and claimed that the microcap stock seemed to be sent from individuals at well-known brokerage firms and claimed the stock was “going to double in the next few days.” This is the way scammers are reaching out to investors these days. They convince them to buy the stock over the applications and then the buyers “pump” up the price of the stock. Once this happens, the fraudsters “dump” their owns shares by selling them at a peak. In the end, the investors are left with worthless stock.
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