posted
i believe this is a pump and dump scheme that i read about this evening.
the scam goes down by phoning and leaving messages on answering machines like it was a wrong phone number. i just read about it 2 hours ago i will try and find it again and post it here
quote:Originally posted by 1BigTip: I decided to edit that post due to certain circumstances.
PRWM is a hot stock. They should be announcing a product very soon.
Check this out guys!! [b].05 cents from October 2003 to $7.79 in July 2004! 9 months!! https://us.etrade.com/e/t/invest/quotesandresearch
quote:Originally posted by penny-trader: i believe this is a pump and dump scheme that i read about this evening.
the scam goes down by phoning and leaving messages on answering machines like it was a wrong phone number. i just read about it 2 hours ago i will try and find it again and post it here
Posts: 4801 | From: Prescott, ON, Canada | Registered: May 2004
| IP: Logged |
posted
But.. if you know it is a pump and dump.. you can profit from it by playing the pump, and knowing you have to get out before the dump Posts: 1051 | From: Michigan | Registered: Sep 2003
| IP: Logged |
posted
Holy Crap! I've never actually witnessed anything like that!
My wife came home told me some lady left a message about a stock tip so she saved it for me. When I heard it, I tell you, I got excited! Doing research PPS seemed favorable. I can't believe people actually do that!
The way the message started off was like in the middle of a sentence not addressed to anyone so thats why my wife saved it and didn't know who it was for. She kept saying it was a wrong #..I guess so.
Thanks for the heads up guys...I'll still folow it just for curiosity.
posted
Ok, so now let me ask you something - If you are aware of this pump & dump, it is not legal to purchase shares tomm, wait for the pump to play out, watch the stock rise and sell! Its our advantage right? It is not illegal to buy & sell stock.
Or should I go to the SEC and tell them I have it on tape and where we got the message?
Give me your opinion guys/girls! We're here to make money or help the SEC?
[This message has been edited by 1BigTip (edited August 19, 2004).]
posted
Exactly. It is not illegal to buy this stock tomm. and sell at a higher price.
Lets hear what others think Jeremy.
Email me. qbiddollar@yahoo.com
quote:Originally posted by Jeremy: But.. if you know it is a pump and dump.. you can profit from it by playing the pump, and knowing you have to get out before the dump
posted
If you get this "tip" whether it be via fax, email, phone call, etc.. you could simply be buying the stock on the tip, just like any other moron who got the message. Just unlike those people, you know when to sell.
Posts: 1051 | From: Michigan | Registered: Sep 2003
| IP: Logged |
posted
Just as a note.. unfortunately, the pump and dump has already run it's course. If you knew about this last week, it could have been huge. Look at the chart below.. I added notes to make it easier to understand:
As you can see, the pumpers were accumulating stock mostly in the 2.00 range. Notice the huge volume spike last friday.. and go back and look. There was NO news by the company on that friday, and this volume came out of nowhere. You think it just happened by chance?
So while the pumpers were accumulating shares quietely between 2-3 dollars, it shot up to nearly 5 dollars. Then began to dump their shares on the high volume caused by the pumping, netting an easy 75-100% gains. They continue to do the phone calls, causing increased volume to sustain their selling, and hopefully giving it another run if they decide to stop selling for a while.
posted
This scam was on LAST NIGHT"S local news, and I read about it somewhere on the web this morning. It's already over.
quote:Originally posted by 1BigTip: Ok, so now let me ask you something - If you are aware of this pump & dump, it is not legal to purchase shares tomm, wait for the pump to play out, watch the stock rise and sell! Its our advantage right? It is not illegal to buy & sell stock.
Or should I go to the SEC and tell them I have it on tape and where we got the message?
Give me your opinion guys/girls! We're here to make money or help the SEC?
[This message has been edited by 1BigTip (edited August 19, 2004).]
Posts: 1872 | From: right here | Registered: Apr 2004
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
