“Coordinated pumping of shares for profits can be illegal. We can see all trades and have access to trader identities,” said ASIC in a message to the ASX Pump Organization on Telegram.
The Australian Securities and Investments Commission (ASIC) is going after pump and dump groups on Telegram.On Monday an account under the name “ASIC” posted a message in the “ASX Pump Organization” on Telegram to warn around 300 members of the group that “we’re monitoring this platform and we may be investigating you.”:“Coordinated pumping of shares for profits can be illegal. We can see all trades and have access to trader identities. […] You run the risk of a criminal record, including fines of more than $1 million and prison time.”Many of the group’s members assumed the account to be fake, however ASIC confirmed the validity of the now-deleted message to The Australian newspaper.While some members of the community
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