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Wrong Number Stock Tip Scam
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The SEC has uncovered a new kind of stock tip scam that’s been going around lately. Basically it involves someone leaving a voice mail message or sending a fax to a “wrong number.” The message essentially says that they have a hot inside stock tip about company XYZ that’s poised to explode and that you should get some. They then add some other extraneous details so it sounds like the caller intended to call someone else… but it’s your typical pump and dump scam.
Here’s a sample of a voicemail.
If it’s too good to be true, it is!
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I can’t believe that people would be stupid enough to make investment decisions based on this sort of information. Scratch that — I actually can believe, as there’s an awful lot of dumb people out there. But it’s hard to believe that there would be enough dumb people with enough money to make this worthwhile.
I think they prey on the natural greed that exists in everyone. If I really believed I was getting a hot stock tip that was going to pay off, I’d definitely buy it… except I don’t believe hot stock tips.
This is actually a pretty old scam, but it keeps reeling them in!
You said it the best — if it’s too good to be true, IT IS!!!