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On Patrol: Raccoon Invasion pic.twitter.com/5pAUE761Nk
— Kitsap Sheriff (@KitsapCoSheriff) October 7, 2024
That's kind of fun. And here we have something else, about crazy Patrick Byrne:
This is directly relevant to me for reasons I will explain later. https://t.co/W9O18COCLG
— Rick Wilson (@TheRickWilson) October 9, 2024
UPDATE: In a subsequent court filing, Byrne says it was the DEA that tipped him to the Venezuelan plot. It was an official in Ghana's Ministry of Security. pic.twitter.com/HaPGsvdOci
— Seth Hettena (@seth_hettena) October 9, 2024
I very much hope that lawsuit is successful.
Every once in a while MSFT sends me an email that says someone is attempting to access my account. I'd be stupid to not use the multifactor with them because MSFT thinks I should be saving things to the cloud.
If you're invited to reply to that email, it's a scammer trying to get into your account.
Mastermind of Multimillion-Dollar Penny-Stock Scam Indicted for Fraud and Obstruction
This is the second person in the MINE scam, so technically the SEC did file on the same day as the DOJ, but not on the same day as the first person was charged.
https://www.justice.gov/opa/pr/mastermind-multimillion-dollar-penny-stock-scam-indicted-fraud-and-obstruction
SEC Charges “Magic Mushroom” Company and Two Individuals with Multimillion Dollar Pump-and-Dump Scheme
I believe the DOJ already filed criminal charges for the pump and dump after the CEO was nabbed trying to flee to Tanzania in August. The SEC usually files their case concurrent with the DOJ, but they must not have been ready yet, which is why there was a 2-month delay.
https://www.sec.gov/newsroom/press-releases/2024-165
https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-165.pdf
Washington D.C., Oct. 9, 2024 —
The Securities and Exchange Commission today charged Minerco Inc. (former over-the-counter ticker: MINE), Bobby Shumake Japhia, and Julius Makiri Jenge, for their roles in an alleged pump-and-dump scheme that defrauded investors out of approximately $8 million while generating millions of dollars in ill-gotten proceeds from sales of Minerco stock.
According to the SEC’s complaint, in the fall of 2019, Shumake, who was formerly known as Robert Samuel Shumake, Jr., secretly gained control of a large stock position in Minerco, an inactive penny stock company, and then arranged for Jenge to assume control of Minerco. The defendants then began pumping Minerco’s stock price by promoting Minerco as the “first publicly traded company focused on the research, production, and distribution of psilocybin mushrooms.” Psilocybin is the principal psychoactive component in “magic mushrooms,” a plant-based hallucinogen.
From 2020 to 2021, the defendants allegedly continued to pump Minerco stock by making public statements and disclosures that contained false and misleading information. For example, Shumake and Minerco allegedly issued press releases falsely suggesting that an independent third party had valued Minerco at $1 billion and that Minerco had partnered with a Jamaican company that would lend expertise in growing a unique strain of psilocybin and bequeath to Minerco its Jamaican cannabis licenses. The SEC’s complaint also alleges that Jenge and Minerco falsely claimed in public disclosures that Minerco was an active Nevada company when, in reality, its charter had been revoked. Finally, Shumake allegedly engaged an offshore company to “dump” his Minerco shares and ultimately transfer at least $3.4 million in ill-gotten gains to an entity Shumake controlled.
“As alleged here, pump-and-dumps often begin when cheap stock of dormant companies is suddenly touted by a promoter as the next big thing,” said Melissa Hodgman, Associate Director of the Division of Enforcement. “Today’s action serves as an important reminder that the SEC will remain steadfast in its efforts to root out of the market stock offerings that are more about hype than substance.”
The SEC previously obtained an Order compelling Jenge to produce documents and appear for testimony pursuant to an investigative subpoena issued by the SEC.
The SEC’s complaint, filed in the United States District Court for the District of Columbia, charges Minerco, Shumake, and Jenge with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks permanent injunctions, disgorgement with prejudgment interest, and civil monetary penalties against each defendant, as well as conduct-based injunctions and penny stock and officer-and-director bars against Shumake and Jenge.
The SEC’s investigation, which is ongoing, is being conducted by Adam Eisner, Brittany Garmyn, Keith O’Donnell, and Zachary Scrima and supervised by C. Joshua Felker and Ms. Hodgman. Damon Taaffe will lead the litigation team under the supervision of David Nasse. The SEC appreciates the assistance of FINRA, OTC Markets Group, the Securities Commission of The Bahamas, the Jamaica Financial Services Commission, the Québec Autorité des Marchés Financiers, the Capital Markets Board of Türkiye, and the Belize Financial Services Commission.
The SEC encourages investors to take certain steps to identify pump-and-dump schemes involving the stocks of dormant shell companies.
Don't often hear about Peter Buffett...
"How Warren Buffett’s Son Peter Is Transforming Kingston, NY—’Buffett Bucks’ and All"
https://www.realtor.com/news/trends/warren-buffett-son-peter-buffett-transforming-kingston-ny/
Peter Buffett, son of Warren, has lived with his wife just outside of this Hudson Valley enclave of 23,000 since 2011. During that time, they’ve poured an estimated $250 million into the area, largely through his philanthropic NoVo Foundation. In addition to donating to food pantries, building a youth community center, and restoring run-down historic homes, they’ve injected their own currency, “Buffet Bucks,” to support local businesses.
Meanwhile, Kingston’s real estate prices have skyrocketed of late, rising 32% to a median list price of $499,250 since January 2023.
PBMs are screwing the consumer since companies like UHC don't want to manage the benefit.
CVS, UnitedHealth say FTC should take Lina Khan and two commissioners off drug middlemen case
Published Wed, Oct 9 20246:01 AM EDTUpdated 3 Hours Ago
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Annika Kim Constantino
CVS Health and UnitedHealth Group are demanding that FTC Chairwoman Lina Khan and two other commissioners recuse themselves from a lawsuit accusing the company and other drug middlemen of boosting their profits while inflating insulin costs for Americans.
The companies argued that all three commissioners have an extensive track record of making public statements that indicate “serious bias” against the companies’ so-called pharmacy benefit managers.
The FTC filed the suit last month against the three largest PBMs, CVS Health’s Caremark, UnitedHealth Group’s Optum Rx and Cigna’s Express Scripts.
https://www.cnbc.com/2024/10/09/cvs-says-ftc-should-take-lina-khan-two-commissioners-off-pbm-case.html
Every once in a while MSFT sends me an email that says someone is attempting to access my account. I'd be stupid to not use the multifactor with them because MSFT thinks I should be saving things to the cloud.
lol... I've heard of that one. It sounds somewhat more amusing than many.
Back a million years ago, maybe 20, there was a British TV show in which (real) unemployed people were very briefly trained to do jobs they'd never done before, and then entered in a competition to do those jobs. It was a pretty amazing show. The episode that sticks in my mind was when they took a young man on the dole and trained him to be a professional polo player.
He'd never sat a horse, and was afraid of them. Never mind! Two weeks later, he was riding like a pro. Applied for a position with a team. The team owners were told that one of the three applicants for the job was a rank amateur. While the kid didn't win, he did come in second. Which I think was pretty extraordinary. I wonder what happened to him in the end, though.
A US cable channel picked up the show, but ruined it. As seems always to be the case here, they felt the need to introduce (minor) celebrity contestants. It wasn't worth watching.
Those are all great titles that I would enjoy. I would only enjoy being a PR Crisis Manger if no one new I was "the" PR Crisis manager for said crisis...lol.
We have all of our customers on Microsoft's email platform.
Prior to multi-factor-authentication once in a while a customer's employee would fall for a phishing email. They click on a link that looks like the Microsoft login page. They type in their password and...that info is in the hands of criminals.
Then the criminals will monitor the employee's email and figure out how to monetize access to the account. If it's someone with accounts receivable responsibilities they will send emails to company customers directing them to make the payments to a "new bank account." That account belongs to the criminals, of course...probably with some money mule who actually accepts the money and then passes most of it to the miscreants.
We had one customer that refused to allow us to enabled MFA for their email. We canceled our contract with that customer. One of their employees is a friend. She told me that a month or two after we stopped supporting the company the scenario above happened. A customer got an email directing them to wire money to pay an open invoice. Of course the company never got the money.
$ 197,000. In the wind somewhere.
lol...holy shit...slow is right. Or something else I presume..lol.
A couple of weeks ago I mentioned a Podcast called 'What it's like to be."
IMO some of the more compelling episodes:
* Stadium beer vendor
* FBI Special Agent
* Forensic Accountant
* Turnaround Consultant
* PR Crisis Manager
As you noted, they run around 20 minutes so even the ones that I don't particularly care for aren't a slog.
Most of the reports are this :
That's interesting. I guess, then, that we'll have to wait and see what happens.
I just don't follow them that much.
Today's Hindenburg report on Roblox didn't do much because the allegations contained in the report are old hat and already known. Several media stories state that these allegations have been made by a number of other short sellers previously, and there is little to nothing new in the Hindenburg report.
So why is Hindenburg publishing this story now? I don't know, but I wonder if they have some insight on timing that others don't that can potentially move the market downward. Their connections are very good, and their stories tend to be quite timely. I wouldn't bet against them knowing something important that is likely to move the market that others don't yet know.
Well... I hope he wasn't...
Oh my. You may want to check for malware...
Ahhhh. That will be interesting. Tons of articles about it today. Here's the complaint:
https://crypto.com/document/complaint.pdf
See this article as well; it's the source for the complaint:
https://www.ccn.com/news/crypto/crypto-com-sues-sec/
A part of the RBLX allegations are the way it opens it up for PEDOs and I can certainly see that. MY kid was on it all the time when it first started no idea if he was talking to another 14 year old or a creepy old pedo
OMG I came across a DIDDY instagram video last night. 6 hours later I emerged. WOW I am so out of touch during golf season LOL
Crypto.com sues US SEC after receiving legal threat from regulator
https://www.reuters.com/legal/cryptocom-sues-us-sec-after-receiving-legal-threat-regulator-2024-10-08/
..
.
lol, I don't know. But lately, they haven't been making the impact they once did.
Geez, is Hindenburg becoming just another bit of the market's routine background noise? How's a shorty s'posed to make a buck these days?! Jumping Jehoshaphat! ☹️
And on another subject, Hindenburg has a new report out, on Roblox (RBLX). I haven't read it yet, but it doesn't seem to have had much of an effect on the stock today:
https://hindenburgresearch.com/roblox/
That's interesting. And I have to say I agree with most of this:
Just ask him about crypto. He told MM that if he had been chair in the last few years, there would be tailored rules on the books already, as the industry has long been seeking, offering “a path forward for at least a baseline registration system” for crypto exchanges and brokers. And even then, Gallagher believes there would still need to be legislation.
I think Hester Peirce is right when she says crypto shouldn't be regulated through enforcement actions. It does need rules to follow, rules that are clear and will allow crypto ventures to develop without suddenly finding themselves the targets of SEC investigations. I find it extraordinary that crypto's been around as long as it has without something being done about that.
Alas, I fear Hester isn't a likely pick. She WOULD be fun...
God. It's so annoying. The Microsoft stuff--mail, the Office suite--now wants multiple factor authorization. Every once in a while, I get a threatening message saying I need to give them a "recovery" phone number or I might find myself denied access. I have nothing against that, but when I try to acquiesce with that demand, they say they already have that phone number, and need another. Sorry, I only have one phone number.
And of course that demand could be some kind of unauthorized trap, I suppose.
Politics aside, this is an interesting article from Politico speculating who may be the next SEC Chairman if Trump wins. All the names are definitely pro-crypto, but in no way advocate for unfettered crypto trading. I think each one differs from Gensler in their approach by supporting new crypto-specific regulations be adopted by Congress and the Commission rather than the current approach by Gensler to utilize all existing laws and regulations to regulate crypto.
The crypto executive who could soon be running the SEC
https://www.politico.com/newsletters/morning-money/2024/10/07/the-crypto-executive-who-could-soon-be-running-the-sec-00182663
Wall Street’s top cop is headed for a clash with the trendy online brokerage firm Robinhood.
The regulator could be picking a fight with its next boss, too.
Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading contender to head the Securities and Exchange Commission should Donald Trump win back the presidency, according to a dozen former top regulators, lobbyists and securities lawyers.
“He’d be a natural choice,” one former senior SEC official told MM.
But Gallagher — a onetime SEC commissioner who is known for his affability and political chops — may find himself sparring with the agency first.
The SEC is weighing a lawsuit over Robinhood’s swelling cryptocurrency business in a case that would mark the latest salvo in Chair Gary Gensler‘s crackdown on the $2 trillion market. The SEC is looking into whether Robinhood is operating an unregistered broker-dealer and clearing agency in the crypto markets. Charges are not guaranteed, but if the agency does sue, the resulting legal battle could thrust a new and awkward spotlight onto Gallagher — just as the race for the chairmanship heats up.
For his part, Gallagher has a message for the SEC: Don’t do it.
“It’s a dog of a case,” he told MM. Robinhood, Gallagher said, offers trading in a fraction of crypto tokens compared to others that have hundreds on their platforms. And the company doesn’t have any crypto lending or staking products, he said.
“We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position,” Gallagher said. “Shooting at the good guys is a really bad policy.”
An SEC spokesperson declined to comment.
Eight years ago, a rotating cast of characters from the financial, corporate and legal worlds swung through Trump Tower as they sought to join the then-incoming president’s administration. Now, as evidenced by Gallagher’s brewing candidacy, the revolving door between government and industry appears primed to start spinning once again if Trump wins.
“This is the name of the game: Get the fox in the henhouse,” said Richard Painter, who served as chief ethics lawyer for President George W. Bush.
Other names floating around K Street as potential SEC chairs under Trump include former Commodity Futures Trading Commission Chair Chris Giancarlo, who is known online as “CryptoDad"; former SEC General Counsel Robert Stebbins, now a partner at the law firm Willkie Farr & Gallagher; and current SEC Commissioner Hester Peirce, who occupies a Republican seat on the agency’s five-person commission.
Yet Gallagher’s ascendancy to the chair has long been a matter of when, not if, for some Republicans.
“Dan would be great,” Rep. Bill Huizenga (R-Mich.) told our Jasper Goodman following a House Financial Services Hearing where Gallagher testified last month. “I’ve had a great relationship working with him, even when we disagreed on some stuff.”
“Ultimately, you want someone who’s thoughtful, experienced, and not just ideologically politically driven,” the Michigan Republican said. “That’s been, I think, the problem with Gensler.”
Gallagher as a commissioner blasted the package of rules enacted in the wake of the 2008 financial crisis. He called for a sweeping review of trading in the U.S. stock market and was early to raise concern about the SEC’s internal courts, which have since been declared unconstitutional in certain cases by the Supreme Court. He was also a regular on Capitol Hill, briefing lawmakers on the wonky area of securities law.
If Trump did pick Gallagher, the Robinhood executive could face a contentious confirmation process. Democrats have long been wary of industry officials taking over federal regulators, and Robinhood has attracted a fair amount of congressional scrutiny over the years. (Remember GameStop — the bizarre market phenomenon of 2021 when Robinhood had to cut investors off from buying more shares in the beleaguered video game retailer’s stock, drawing the ire of lawmakers across Capitol Hill?)
But Gallagher argues that was then. The company has since overhauled its compliance and risk-management programs, he said. And as for any revolving-door concerns, he says having experience both in and out of government is a good thing.
Whether Gallagher would want to leave Robinhood is unclear. He told MM that he loves his job and that it’s “an honor to have my name included in any discussion of who may be the next SEC chairman.”
Make no mistake, though, Gallagher has clear issues with the SEC’s direction. Just ask him about crypto. He told MM that if he had been chair in the last few years, there would be tailored rules on the books already, as the industry has long been seeking, offering “a path forward for at least a baseline registration system” for crypto exchanges and brokers. And even then, Gallagher believes there would still need to be legislation.
“I would have done things differently,” he said. “I’ve known Gary for a long time and have a lot of respect for Gary, but, on this one, I disagree with him.”
I enjoy Twitter, now called X. It's not what it was before Musk took over, but to a considerable extent the experience you have depends on who you follow. It's interesting, good for politics, and there're tons of nice animal photos and videos. I've never used Facebook. YouTube is good for music. Snapchat is good, I suppose, if you want to make sure your messages will disappear quickly. And you forgot Instagram, which you need if you want to be an Influencer. Oh, and there's Slack. I don't even know what it does; it seems mostly to be a work thing.
But nowadays, what's really important are podcasts. I suppose part of the reason for their popularity is that a great many people commute to and from work, and they want something to listen to, but not look at. Yeah, there's also Sirius XM, which has longer format shows. Most podcasts seem to be relatively brief; maybe 15 to 20 minutes. But I haven't listened to many. And of course there're audiobooks, but I hate being read to.
The TikTok videos aren't really blurred at the sides. It's just that most people there use Portrait rather than Landscape mode when making their videos.
Yahoo just started with an authorization feature to confirm who I am.
I should have included social media which I think is unsocial media. As a whole I see no redeeming qualities in FB anymore, Tictok, Snap chat, YT except for sports videos and I'm sure I missed a few.
Tic Tok is the most annoying since the videos are blurred out on both sides?
More anti-fraud measures from the SEC and Gary Gensler:
Today, the Commission approved amendments regarding login, password, and other account access protocols for filers and other registrants using the Electronic Data Gathering, Analysis, and Retrieval System, commonly known as EDGAR. I am pleased to support these amendments because they enhance EDGAR’s security and further improve filers’ access to the EDGAR system.
The public and the SEC long have benefitted from the EDGAR electronic filing system. Today, EDGAR is a rich and accessible library for investors and filers alike. Unlike streaming platforms and other subscription platforms, EDGAR is available to the public free of charge. I think it’s one of the great innovations of the SEC.
A lot has changed in the three decades since the Commission first required mandatory EDGAR filings in 1993.[1] EDGAR has lived through the rise of the internet, social media, and streaming content. We also have learned a great deal about data security and password protection in that time. To keep pace with ever-evolving markets, technology, and business models, we’ve updated EDGAR over the years. Our most recent meaningful update, though, to EDGAR login, password, and other account access protocols was more than a decade ago.
Today’s amendments are an important next step for EDGAR account access protocols. Under previous requirements, registrants had one login per company. This is like having a family passing around one shared login and password for a movie streaming app. You know where that can lead. That’s simply not the most secure system—for filers and the Commission alike—when it comes to information relating to financial disclosure. By contrast, today’s amendments further secure login protocols by requiring every person filing something into EDGAR to login with individual credentials and to use multi-factor authentication.
The SEC’s EDGAR Business Office will open to the public a beta version for filer testing and feedback, which will include a set of optional Application Programming Interfaces (APIs). These APIs will help enhance how filers, including registrants and their agents, can access EDGAR, retrieve information, and submit bulk filings. Such changes promote efficiency for both filers and the Commission.
The final amendments include a number of changes in response to commenters’ feedback. For instance, the grace period for filers to perform annual confirmation was extended from two weeks to three months. Filers will have six months to prepare for compliance, rather than one month as proposed. They will continue to have six months to enroll in EDGAR using the new login protocols, as considered in the proposal, but the final amendments build in an additional three-month period to enroll before making filings after the compliance date. After that point, filers that have not enrolled would need to submit a new Form ID to make filings.
Taken together, these amendments benefit the Commission, filers, and investors alike...
https://www.sec.gov/newsroom/speeches-statements/gensler-statement-edgar-next-092724
Why take investment advice from anonymous message board posters?
It's worse than that now. The anonymous message board posters have been replaced by anonymous social media posters. The paid pumpers have for the most part moved to social media.
I think it's the allure of the penny stocks and how much you can make on the return.
Thing is, since Rule 15c2-11 was amended, their allure has pretty much disappeared, along with their liquidity. Even luck isn't much help to plungers anymore.
That's interesting. Will there be more?
From the Order:
It appears to the Securities and Exchange Commission that the public interest and the protection of investors require a suspension in the trading of the securities of Chanson International Holding (“Chanson”) (CIK No. 1825349), a holding company incorporated in the Cayman Islands whose principal executive offices are located in Urumqi, Xinjiang, China, because of questions and concerns regarding indicia of potential manipulation in the securities of Chanson effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of Chanson, which appear to be designed to artificially inflate the price and volume of the securities of Chanson. As of October 7, 2024, the common stock of Chanson is listed on the Nasdaq Capital Market under the symbol “CHSN.” The
Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
https://www.sec.gov/files/litigation/suspensions/2024/34-101272-o.pdf
Surprisingly, none from Cuba.
Well, Cuba doesn't have a stock market, so...
That should be a sticky
SEC Encourages Investors to Choose Their Information Sources Wisely During World Investor Week
Getting information from trusted sources can help protect investors from scammers
I just explained that. Why take investment advice from anonymous message board posters? Yeah I know I did it too.
I think it's the allure of the penny stocks and how much you can make on the return.
I admit I was bitten by the bug when I bought PCBM and it took $1K in losses to wise up. I drank cheap beer for a year after that and never looked back.
As far as investment advice Peter Lynch from Magellan fame is #1 on my list. Buy what you know.
#2 is Bill Gross the Bond King saved me in 2008.
Penny stocks is simply gambling and usually the House wins.
SEC finally doing something about the Chinese stock pumps…
CHSN suspended for trading, thanks to Renee for the heads up…
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175198793
CHSN: SEC Suspension because of questions and concerns regarding indicia of potential manipulation in the securities of Chanson effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of Chanson, which appear to be designed to artificially inflate the price and volume of the securities of Chanson. The order was entered pursuant to Section 12(k) of the Exchange Act
https://www.sec.gov/files/litigation/suspensions/2024/34-101272.pdf
Not surprising.................. Some peeps are slow.
Yes, and since these scams require the victim to open one or more crypto accounts nowadays--a new wrinkle--scammers anywhere in the world can defraud susceptible people in the country or countries of their choice.
I agree. The romance scams are definitely the most popular type of financial scam at the moment. Unlike so many other types of financial frauds, it is pretty much universal, with the exact same modus operandi being used across all nations. No need to translate for one country's regulatory regime or social norms vs. another. What the scammers do and tell the victims in the USA are almost exactly what they do in the UK, France, India, South America, Australia, etc. The script is the same because, unfortunately, it works.
I'd like to go to the one on Romance Scams. That might be fun. They seem to think so too, since it gets prominent notice.
And there are participants from a lot of nations, which is good:\
https://www.worldinvestorweek.org/?p=participants
Check out their website - https://www.worldinvestorweek.org/. Some of their webinars look interesting.
DD Support Board and Fraud Research Forum
This forum is a place for ALL to share and build research and due diligence.
This is not a forum for recommending stocks to buy or sell. It is for information sharing only.
Please do not use this forum to promote stocks.
Feel free to build on the research already done by others or to present fresh new research.
Please start all informational posts with the ticker symbol of the stock.
Important links:
Another place to read some of nodummy's research:
http://promotionstocksecrets.com/
Great Forum for Litigation and Court Docket updates not posted on this board:
www.investorshub.advfn.com/boards/board.aspx
SEC trading suspensions:
http://www.sec.gov/litigation/suspensions.shtml
SEC press releases:
http://www.sec.gov/news/press.shtml
SEC administration proceedings:
http://www.sec.gov/litigation/admin.shtml
SEC litigation releases:
http://www.sec.gov/litigation/litreleases.shtml
Most recent SEC flings:
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=&owner=exclude&count=40&action=getcurrent
Great Website for basic information about the laws surrounding penny stocks
http://www.securitieslawyer101.com
Stock Dilution Scam:
A share dilution scam happens when a company, typically traded in unregulated markets such as the OTC Bulletin Board and the Pink Sheets, repeatedly issues a massive amount of shares into the market for no reason, considerably devaluing share prices until they become almost worthless, causing huge losses to shareholders. Then, after share prices are at or near the minimum price a stock can trade and the share float has increased to an unsustainable level, those fraudulent companies tend to reverse split and continue repeating the same scheme.
Pump and Dump Schemes:
"Pump and dump" schemes, also known as "hype and dump manipulation," involve the touting of a company's stock (typically microcap companies) through false and misleading statements to the marketplace. After pumping the stock, fraudsters make huge profits by selling their cheap stock into the market.
Pump and dump schemes often occur on the Internet where it is common to see messages posted that urge readers to buy a stock quickly or to sell before the price goes down, or a telemarketer will call using the same sort of pitch. Often the promoters will claim to have "inside" information about an impending development or to use an "infallible" combination of economic and stock market data to pick stocks. In reality, they may be company insiders or paid promoters who stand to gain by selling their shares after the stock price is "pumped" up by the buying frenzy they create. Once these fraudsters "dump" their shares and stop hyping the stock, the price typically falls, and investors lose their money.
http://www.sec.gov/answers/pumpdump.htm
The key is understanding
The key is understanding that pink sheet stocks are not investments - 99% of them will lose value over the long run and never accomplish most of their forward looking pumping statements they put in press releases or on their websites. Never believe the hype - always be skeptical of everything you hear.
The people mostly making money with pink sheet stocks are promoters, front loading pumpers with big followings they can dump on, crooks, some of the flippers, and sometimes the very lucky.
Pumpers only tell you to buy stocks that they already own. Pumpers only tell you to hold stocks because they want to make sure you hold longer than them.
They make money by pumping the stock and getting other people to buy then dumping their shares on the followers.
If you really want to take the risk of trying to make money trading pink sheet companies then you have to understand how the game works and never ever hold long term - take profits when you can. Pump and Dumps dominate the IHUB forums.
Trading pink sheet stocks is a sick game full of lies and deceit where people take advantage of the inexperienced and naive stealing away their life savings for their own personal gains.
Very little respect or morals exist in stinky pinky land.
The Consequences of an SEC Suspension:
Complete list of SEC suspended stocks and SEC Admin. Law Judge registration revocations from January 1st, 2010 to May 9,2020:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155531213
More information on Suspended Stocks
http://investorshub.advfn.com/SEC-Suspensions-&-Revocations-25334/
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