Penny dreadful: Hong Kong get-rich-quick scam investors watch in horror as stock price spikes, crashes in hours

Retired teacher Cathy Chan, 63, always considered herself a prudent investor, putting money only in low-risk blue chip stocks, hoping to earn some extra income from her retirement savings of more than HK$3 million (US$387,000).Then she fell victim to fraudsters who took their time befriending her before persuading her she could earn much more putting her money in a “ramp and dump” scam. She ended up losing HK$1.2 million one afternoon in July.Devastated and fearing she was on the verge of a…

from South China Morning Post https://ift.tt/3jfhLbq
Cannix Yau Retired teacher Cathy Chan, 63, always considered herself a prudent investor, putting money only in low-risk blue chip stocks, hoping to earn some extra income from her retirement savings of more than HK$3 million (US$387,000).Then she fell victim to fraudsters who took their time befriending her before persuading her she could earn much more putting her money in a “ramp and dump” scam. She ended up losing HK$1.2 million one afternoon in July.Devastated and fearing she was on the verge of a… https://ift.tt/eA8V8J October 18, 2020 at 03:00AM