Are you in a pump and dump scheme?

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Think that celebrity-backed stock tip on social media is the real deal? Think again.

Scammers are using fake videos, AI-generated endorsements and private WhatsApp groups to lure Australians into "pump and dump" share scams. You end up holding the shares, but they could be worth a fraction of what you paid.

ASIC Commissioner Alan Kirkland explains how the scam works, the red flags to watch for, and why a hot stock tip from a finance "expert" could cost you thousands.

are you in a pump and dump scheme?

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Alan Kirkland commenced as an ASIC Commissioner in November 2023. He has over 20 years' experience in consumer protection, social services, law reform and justice in the public and not-for-profit sectors. Earlier, Alan was the CEO at CHOICE where he represented the interests of Australian consumers for more than 11 years. He was also the Executive Director of the Australian Law Reform Commission, the CEO of Legal Aid New South Wales, Chair of the National Legal Assistance Advisory Body, and Executive Director of the NSW Council of Social Service. From 2016 to 2017, Alan was a member of the panel for the Ramsay Review, which led to the establishment of the Australian Financial Complaints Authority and Compensation Scheme of Last Resort. He holds degrees in Arts and Law from the University of NSW, an Executive MBA from the Australian Graduate School of Management, and is a Graduate of the Australian Institute of Company Directors. Connect with Alan on LinkedIn.