That is exactly how a pump & dump works. If you think all P&D's have paid promoters, then you are mistaken. Most P&D's are started by a buying group that front loads, then start hitting the boards. Works best with a catalyst, but that's not always necessary....all you need is a good story and naive buyers.
Actually it is exactly how a P&D works. This stock has created a very long list of bagholders in the last few years. Only a very small number have profited, like the Walters.
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