ASIC has charged four individuals in connection with a ‘pump and dump’ scheme on the popular messaging app Telegram. The Australian financial regulator alleges that the group manipulated the prices of certain stocks by spreading false information to unsuspecting investors. The scheme involved artificially inflating the prices of the stocks before quickly selling them off for a profit. ASIC is cracking down on market manipulation and is urging investors to be cautious of such schemes. The four individuals are facing serious charges and could potentially face significant penalties if found guilty. This case serves as a reminder for investors to always conduct thorough research and due diligence before making any investment decisions.
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