Haim Etgar warns of a scam in Israel: "60 million shekels just in the last year"
The investigative journalist shares how searching for good stocks can lead to a scam costing innocent victims tens of millions. Etgar: "The stock falls and the victims lose their shirts."
Journalist and scam hunter Haim Etgar has released a new video in which he warns of a new scam targeting Bank Hapoalim customers. "It looks like an advertisement from Bank Hapoalim offering to join a capital market course for beginners, but it has no connection to the bank whatsoever, it is a crazy scam," describes Etgar.
He explains how the scam is carried out: "They impersonate well-known banks in various countries, publishing all sorts of ads, like this one that impersonates Bank Hapoalim — in each country in the local language.
Even before they give the victims a recommendation for good stocks, the scammers themselves purchase a cheap stock with low trading volume, and now they will recommend to thousands of people around the world to buy that same stock at the same time. The masses buy, demand rises, the price skyrockets, and then the original buyers who purchased the stock cheaply sell and make a bundle. The stock falls and the victims lose their shirts."
According to estimates, in Israel, 60 million shekels have been stolen in this scam just in the last year, according to Etgar.
