Pump and dump
December 13th, 2005

“US brokerage regulator NASD has warned investors against reacting to stock tips sent in unsolicited mobile phone text messages”,news reports.”The authority’s warning came as email-based spam schemes aimed at hyping share prices started moving beyond email and onto mobile phones.The so-called “pump and dump” schemes involve spam messages with false recommendations of a company’s stock that lead the share price to rise.Fraudsters can then sell their shares,leaving investors with worthless stock,the regulator said.”

Text share scams multiply

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