The SEC Office of Investor Education and Advocacy ("OIEA") warned investors of the potential for fraudulent promotions by companies claiming their products or services help to stop the coronavirus outbreak.
In an SEC Investor Alert and Bulletin, the OIEA urged investors to beware of claims purporting to stop the coronavirus outbreak that involve microcap stocks and pump-and-dump schemes, as investments in fraudulent companies could result in significant monetary loss.
Additionally, the OIEA asked that market participants submit any information regarding suspected securities fraud or wrongdoing to the SEC's website.
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