Brokers offering access to equities as a derivative or physical product are being targeted again by pump and dump scammers.
As TradeInformer reported on earlier this month, a group of fraudsters targeted UK broker clients, attempting to pump and dump Ostin Technology stock.
The fraudsters used different social media ads to mass target retail investors in different countries, pushing them to join Telegram and WhatsApp groups.
From there, they pushed them to buy stock in Ostin Technology. After the pump and dump was done, the stock fell by 99% from its peak price.
Same scammers are now targeting Concorde International Group
TradeInformer understands that the same group of scammers are now going after Concorde International Group, a Singaporean company listed on the Nasdaq, which has seen its share price rise by more than 300% in the last month and close to 600% in the last six months.
On Thursday morning US time, the scammers began pushing traders to buy shares in the company, telling them to hold for five days.
This was the exact playbook that the group used to push Ostin Technology previously.
Some brokers look to have already restricted access to the stock. European clients of DEGIRO, for example, were unable to buy Conorde stock at the time of publication.
Trading 212 has also restricted access to the stock as a CFD, although users appear to be able to still purchase or sell the physical stock.
