LAS VEGAS, Nev. (FOX5) – All investors want to grow their wealth as quickly as possible, but beware of social media posts promising big returns fast.
It’s called a “pump and dump” scheme.
Bad actors create fake social media profiles featuring celebrities and financial experts. The imposter spokespeople may promote a certain stock to lure victims into their private investment group.
The stock price climbs as more people join the group.
Then, when it hits its peak, the scammers sell out at the inflated price and leave investors with nothing.
Experts warn to be wary of any “get rich quick” offers. Unsolicited messages urging to invest in specific stocks with specific private investment groups are scams.
Never follow investment guidance from someone not personally known. If the person coaches through the transaction process, it’s a red flag.
Only invest through licensed and reputable investment firms or websites.
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