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An Ontario man lost $260,000 in an Instagram pump-and-dump scam targeting fake trading groups.
A pump-and-dump scam involves fraudsters inflating a low-priced stock’s price through false claims on social media or fake forums, then selling shares at a profit while investors lose money when the price collapses.
An Ontario man lost $260,000 after being targeted by an Instagram ad promoting a fake trading group.
Scammers often use high-pressure tactics, fake insider information, or impersonate trusted figures to lure victims, especially into small or foreign companies with limited shares.
The Ontario Securities Commission urges investors to verify advisors’ registration via the “Check before you invest” tool, seek advice from licensed professionals, research companies thoroughly, and report suspected fraud to the OSC.
Un hombre de Ontario perdió $260,000 en una estafa de Instagram dirigida a falsos grupos de comercio.