Hong Kong’s Securities and Futures Commission (SFC) has suspended the licence of Mr Wong Chi Fai, a former licensed representative of Fulbright Securities Limited.
Four co-conspirators who used Telegram app group chats to pump up the share prices of Australian stocks before dumping them at inflated prices were convicted and sentenced.
Four people involved in a coordinated scheme to pump up Australian share prices before dumping them at inflated prices have today pleaded guilty.
Syed Yusuf, Larissa Quinlan, Emma Summer, and Kurt Stuart were charged in the Downing Centre Local Court.
Scammers may start by pitching a well-known stock and then, through WhatsApp chats, push you towards riskier, unfamiliar ones.
Gabriel Govinda (known online as ‘Fibonarchery’) has been sentenced to two and a half years imprisonment.
The defendants promoted themselves as successful traders and cultivated hundreds of thousands of followers on Twitter and Discord chat rooms.
Share price manipulation, known as “Pump and Dump” is a forbidden practice also known as “scalping”, i.e. “scalping of investors”.
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