Sunday, March 23, 2014

Penny Stock Pump and Dumps

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I'm sure many people have recently seen the movie "Wolf on Wall Street" and wondered how people could get peddled into buying such crappy companies back in the 1980's and 90's. Surely this wouldn't happen again in today's time with all of the information freely available by doing a quick search on Google. Well, these pump and dumps scams still continue to happen everyday, and I'm shocked at the most recent story concerning one of the biggest pump and dump promoters to date; John Babikian.
There are numerous articles (1 , 2, 3 ) telling the story of how he used his website Awesomepenniestocks.com to pump and dump penny stocks, and all the while make millions in the process. It just makes me sick to think that people still fall for this stuff everyday. There is a website detailing most of the penny stocks that the promoter pumped at awesomepennyscams. Please do your research before ever trading any of these stocks. I myself keep hearing about how people are becoming millionaires trading these penny stocks, but I guarantee you there are far more people losing than making money trading these OTC stocks. Trading is a very had business to be in and penny stocks are the riskiest of all the types of stocks you can trade. Do not believe the hype or believe that it's easy to become a millionaire trading these stocks.

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