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Penny stocks persistently become the victim of dishonest pump and dump schemes. Fraudulent companies adopt these schemes to make money off of your gullibility. Misleading statements or outright false or outlandish future projections stimulate buying which pushes the price higher. This is called the "pump". While these promoters are hyping the stock and telling everyone to buy shares, there are actually selling shares they bought before the rise in price they created. This is called the "dump". If the promoter doesn't actually have shares, they were usually paid to promote the stock by other holders who are selling. No real research is done on the company, it's pure hype to create interest so they can sell. Once the 'pump' stops, the share price usually collapses.
(Courtesy wikiHow)
(Courtesy wikiHow)
