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Bourse Cyber-crime: SECP nabs Pump and Dump Guru

SANA MAHMOOD

ISLAMABAD: According to Securities and Exchange Commission of Pakistan (SECP), following a sophisticated surveillance operation it has unearthed a financial cyber-crime.

SECP has nabbed a self-styled stock market guru who gave self-serving investment tips to the public on Facebook and thus made millions by means of this Pump & Dump Scheme (i.e.: boosting the price of a stock via fake statements).

It is pertinent to mention here that behaving like stock market gurus and making suggestions about investments is a crime under the Securities Act 2015.  

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.