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Small CN Concept Stocks Repeatedly Involved in 'Pump & Dump', Raising Concerns Among US Regulators: Wire
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US-listed small China concept stocks' “pump and dump” scam raised market concerns, according to the Wall Street Journal. An US retail investor was urged to buy Jayud Global Logistics (JYD.US), a small Chinese shipper, by an impostor posing as a financial advisor, losing US$80,000 when the stock plummeted 96% in a single day in early April after rising for many months, the report said. What's more, the administrator of a WhatsApp group the retail investor was a member of told him he could make up for his losses by buying more shares of another Chinese company, NASDAQ-listed Lixiang Education (LXEH.US). The retail investor didn't fall for it again, but some others did. The report added the retail investor and others formed a mutual aid group consisting of about 96 Jayud Global Logistics' investors in the US and other countries, who lost a total of about US$9 million. Matthew Galeotti, Head of the Criminal Division at the US Department of Justice, said the department has created a team to identify and remove these offenders, deter misconduct and recover victims' funds when possible. AAStocks Financial News Website: www.aastocks.com |
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