Quick Hit - FBI Focused on WhatsApp Stock Scam
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Thanks to the reader who clued me in on this one, which I missed from the tail-end of last week…
The FBI’s Washington Field Office is seeking to identify potential victims of a "pump-and-dump" investment fraud scheme involving Ostin Technology Group Co Ltd (NASDAQ: OST) stock.
Sound familiar? Here’s the full press release. And a snippet...
As I wrote in “An Anatomy of a WhatsApp Stock Scam,” the extensive worldwide nature of this WhatsApp Whack-a-Mole scam, with victims (based on my emails) stretching from Asia to Israel and points in between – is enormous.
The amount of money pickpocketed ranges from a few thousand dollars to hundreds of thousands. In my view, the only thing that will stop it is a stock market calamity... and/or the end of this Golden Age of Grift, whichever comes first.
If you've been hit by this, please contact the FBI - not me. (But do keep me in the loop on what happens!)
Good day and good luck!
DISCLAIMER: This is solely my opinion based on my observations and interpretations of events, based on published facts and filings, and should not be construed as personal investment advice. (Because it isn’t!) I do not have a position in any stock mentioned here.
Feel free to contact me at herb@herbgreenberg.com