pmcb fits Investopedia definition of a Micro-Cap Scam to the T. Just saying.
Phony Facts and Tools of the Trade: Micro-cap scammers rely on the lack of public, reliable information to spread phony facts. Which are their favorite tools of the trade?
Email: Junk mail and "spam" over the internet are favorite tools scam artists use to spread false information about micro-cap stocks. Never buy a stock based on an email from someone you don't know. Internet Bulletin Boards: Many scam artists hide or change their identities in investor chat rooms or message boards, then use these forums to promote certain micro-cap companies. They often claim to have unique, inside information about a company or its products. Never buy a stock unless you've done your own research and verified the facts. Paid Promoters: Some micro-cap companies pay promoters to recommend their stocks. These hired guns claim to provide independent, unbiased investment newsletters, research reports, and radio or television shows. Investors should check the credentials of anyone who declares his or her advice is objective and independent. Look for legitimate financial certifications that require holders to adhere to an ethical code (for example, a CFA, CFP, CIC and the like). "Boiler Rooms" and Cold Calls: Some dishonest brokers organize high-pressure salespeople into groups (also called "boiler rooms") to make cold calls to potential investors and dupe them into buying questionable micro-cap securities. Be wary of calls from strangers and never give a cold caller your banking information or Social Security number. Questionable Press Releases: Press releases can look real, but are you sure the company's sales, projections and products are valid? Check the facts on your own. Micro-cap scammers use their tools of the trade to snare you in their net in the following ways:
"Pump and Dump" Schemes: Using internet bulletin boards, chat rooms and telemarketers, scammers will use a pump and dump scheme that has them talk up a stock with claims they know something the rest of the market does not. Once they've hyped the stock enough to "pump" up its price, insiders and paid promoters will then "dump" their shares, causing the price to plummet and innocent investors to lose money. In a recent variation of the "pump and dump" scheme, some investors may discover a voice message - presumably left inadvertently on their answering machine - leaving a hot stock tip. Never trade on this kind of information.
Offshore Schemes: Under "Regulation S," companies that sell stock outside the U.S. to offshore investors don't have to register shares with the SEC. In an offshore scam, unregistered Reg S micro-cap shares are sold at discount prices to scammers, who in turn pose as foreign investors re-selling their shares to U.S. investors at inflated prices, pocketing huge profits. The flood of unregistered shares in the market invariably causes the stock price of the company to drop, resulting in major losses for unwitting investors.
What to Do if You Get Caught in a Scammer's Net Report it! Start with your broker. If your broker can't solve the problem, you may want to contact your state's securities regulator or the SEC. Complaints can be filed online with the regulators. Don't let scammers turn you into a statistic. You'll succeed at buying small and winning big if you do your homework and watch for red flags.
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