This is a multi-part series explaining a specific stock scam, how it’s executed, and how it unraveled… I only discovered this after the collapse, but it must have been fun to follow in real time (as long as you don’t get caught up!).
Part 1
Stock Promotion on Steroids [Herb Greenberg] – “This is a stock that should trade for pennies… and very likely will in the not too distant future in what is best described as a golden age of grifting the gullible…
Not long ago, in a report I called “Stock Promotions Gone Wild,” I went on a rant about a rise in commercials on financial TV unabashedly touting stocks. I focused on one company in particular that barely trades, and whose actual CEO is the pitchman. From my perspective, all I could see was one red flag after another.
But there are stock promotions. And then there are STOCK PROMOTIONS.
Have I got a STOCK PROMOTION for you…”
Part 2
Stock Scam Revealed [Herb Greenberg] – “What surprises me most is that the stock I wrote about – Ostin Technology OST -8.25%↓ – wasn’t hammered today. That’s because it sounds eerily like a scam exposed this morning by The Wall Street Journal in a story headlined, “Obscure Chinese Stock Scams Dupe American Investors by the Thousands.”“
Part 3
Don’t Fall For This Stock Scam [Herb Greenberg] – “When I first wrote about it, the stock was trading for around $7, ratcheting higher daily. Yesterday morning I just happened to check, and saw it had spiked above $9. I shook my head and texted a few friends who had been expecting the stock to implode, saying, “OST makes zero sense.”
And then... no more than an hour later one of them texted me back, saying, “This may be the rug-pull here.”
I had no idea what he was talking about, so I checked the stock and there it was – down 10%… in an instant. That led me to post on social media…”
Don’t take investing advice from Whatsapp and social media!!!