The FMA urgently advises investor to check whether the information in investment newsletters and other publicity publications are appropriate prior to purchasing shares.
Currently dubious information services and investment newsletters are doing the rounds that provide “insider tips” about shares in companies that in actual fact are worthless. The companies are apparently on the verge of a market launch for a Covid-19 drug or a Covid-19 vaccine, and the share price is destined to go through the roof as a result. Beforehand financial fraudsters assume control or a high proportion of or all of the worthless shares, which are usually only listed on exotic stock exchanges for mere pennies. Then the price is boosted using fake Corona-related news, and the worthless stocks are then sold to retail investors who fall for the scam for a high price.
Investors should in any case question the motives for publishing of such stock market investment newsletters. Furthermore, it is also advisable to not only rely of individual information sources, but instead, wherever possible, to gather as comprehensive as possible information about the financial instruments and their issuers. If something sounds too good to be true, then it generally isn’t true!
In the event that you receive advertising for such stocks that contains exaggerated or misleading information, or otherwise become aware of such advertising, then the FMA requests you to report it.