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@lilmikesf@c.im
2025-08-18 20:50:22

London #FT reports on investors that lost billions on #PumpAndDump stock scheme that inflated values of little known traded entities of small US-listed #ChineseStocks that plunged in value shortly after being heavily

Investors lost billions of dollars in July betting on a handful of small US-listed Chinese stocks that plunged in value shortly after being heavily promoted on social media. Seven Nasdag-listed microcap stocks — Concorde International, Ostin Technology, Top KingWin, Skyline Builders, Everbright Digital, Park Ha Biological Technology and Pheton Holdings — all dropped more than 80% over a few trading sessions in recent weeks. The declines wiped a cumulative $3.7bn off their market value, accord…
Wealth | Bloomberg Billionaires Mystery $33 Billion Medicine Fortune Collapses in Days
Victims of the alleged pump and dump scams include first-time traders and a former diplomat, according to correspondence seen by the Financial Times. Tia Castagno, who runs her own executive coaching business from London, was added to a WhatsApp group after she clicked on an advert on Facebook. She eventually lost all of her savings after being encouraged to invest in Ostin Technology by what she said looked like a legitimate US investment firm. “There’s a feeling of emptiness in my stomac…