The Wall Street Wolfhound Explains Pump & Dump Schemes
Wall Street Wolfhound
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Show Notes
In this episode we examine pump and dump schemes in which thinly traded penny stocks are held by unscrupulous broker-dealers through nominees who push the stock on unsophisticated investors, drive up the share prices and then sell their shares at inflated prices causing the stock value to drop significantly. The term pump and dump is not widely known outside of securities enforcement but the names of the practitioners are more familiar. Stratton Oakmont’s Jordan Belfort (of Wolf of Wall Street fame), Benjamin Conde, Power Traders Press, Rooney Pace, A.R. Baron and the granddaddy of them all, Bob Brennan of First Jersey Securities, introduced the world to stock boiler rooms which have continued to be a blight on the securities industry.
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