Malicious actors are more prevalent online than ever before, and the rise of new AI tools enables them to produce scams at a much faster pace than in the past.

Please be aware that there is a scam currently circulating on WhatsApp where individuals pretending to be Altfest employees are offering investment advice to app users.  Altfest Personal Wealth Management does not operate via WhatsApp.  The scammers appear to be utilizing a pump-and-dump strategy whereby they purchase large quantities of a cheap stock and then promote the stock heavily online.  As the word spreads and more investors move to purchase the stock, the stock price rises.  This fuels additional interest and purchase of that particular stock.  When the scammers reach their desired price target, they sell all held shares of that stock.  This massive sell-off causes the stock price to plummet dramatically; leaving individual investors with stock which is now worth far less than they purchased it for.

Our team has alerted WhatsApp, the Federal Bureau of Investigation, the Internet Crime Complaint Center, and United States Federal Trade Commission representatives in an effort to shut down this scam.  If you believe you may have been affected by this scam, we recommend reaching out to the authorities to provide them with details about your experience.

ReportFraud.ftc.gov

Investment advisory services provided by Altfest Personal Wealth Management (“APWM”). All written content on this site is for information purposes only. Opinions expressed herein are solely those of APWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.