Members of “Pump and Dump Organization” tried to coax others in the 300-strong group to buy stocks in YPB Group, a NSW-based technology company with a market capitalisation of $24.9 million at time of writing.
This prompted ASIC to step in, writing: “Co-ordinated pumping of shares can be illegal.
“We can see all trades and have access to trader identities.“
We’re monitoring this platform and we may be investigating you.
“You run the risk of a criminal record, including fines of more than $1m and prison time by being involved.”
ASIC has previously said that “pumping and dumping” may “amount to market manipulation” which has hefty penalties as it is in breach of the Corporations Act.It can lead to a fine of more than $1 million and up to 15 years in prison.
According to ASIC, Australians are increasingly using social media forums, including Telegram, to co-ordinate “pump and dump” activities into the stock market.
Pumping and dumping essentially means somebody buys shares in a company then hypes it up with other prospective buyers, causing the stock’s price to skyrocket. They can sell their original shares at a higher price.Earlier this year, a group of people on Reddit made international news after doing just that on a large scale, to gaming company
GameStop.YPB’s stocks soared to a 13-month high on Monday.
https://www.news.com.au/finance/money/investing/we-can-see-government-watchdogs-warning-text-message-to-private-group-chat/news-story/6ae8a070d600dd97d6ed50862cebaa31
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No. | Vol. | Price($) |
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39 | 96053644 | 0.001 |
0 | 0 | 0.000 |
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Price($) | Vol. | No. |
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0.004 | 3640456 | 7 |
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