Still waiting for the rise? If you realize you are a victim of a Pump and Dump Scheme, Exit Immediate.
Don’t be a fool.
The price will NEVER go back up!
Let me reiterate, if, in the unfortunate event, you realize you’ve been a victim of a pump and dump scheme, you absolutely don’t want to keep your funds in the stock. EXIT IMMEDIATELY.
Here’s what I’ve experienced with these financial fraudsters and my naive thinking on any possibility of outwitting them.
I was introduced to this Dogness Stock(DOGZ) by a so-called Guru on Telegram at the start of my investing journey in. He told me to enter the stock at $6.05. I still had thought that I’ve gotten a steal to have gotten in 2c less.
Yes. DOGZ is a pump and dump scam stock. Still operating as of 02 Jan. I think there was another wave of them using the stock. I still don’t know why it wasn’t reported.
You can see I make a purchase for this stock on 22/04/2022 at $6.03. After buying it, the stock immediately make a dive to around $2+. It was hurting. at that moment, I knew immediately that the so-called “guru” was a fake and he probably collected his commission after i sent him the screenshot.
Now, the fun starts here.
I’d have thought, how much lower.. can it go right? it has to rise up sometime or another. So, I’ll just have to wait for the rise before I exit my position. yea? Naive thought. It was a never ending cycle.
So they did a stock split to make the prices go even lower. Now my 6.03 entry price have become a 149.485 entry pricing. Luckily, my capital investment simply devalued but the amount of $ in there still remains the same. I’ll probably just keep getting cents cut and cut as the bulk has already been ripped off my account.
Another pump and dump. I just wonder how many more stocks are out there just like that.
This article serves as a warning to new budding investors to do absolute due diligence in your purchases and to avoid these so-called Scammers and Fraudsters. There just doesn’t seem to be an end to this. I hope the SEC will do something soon about these scam pump and dump stocks to prevent new investors from getting harmed.
*as of writing, writer has exited this position.
