Before being prosecuted, TikToker Mr Pips was famous on social networks with many clips teaching international stock investment, playing Forex and often showing huge profits.
Pho Duc Nam regularly posts clips teaching investment in foreign exchange and stock exchanges. At the same time, this subject also built "Mr Pips Trading Chat" - a financial investment community.
As reported by Tuoi Tre , the police have initiated a case and prosecuted Pho Duc Nam (also known as TikToker Mr Pips) and 24 others for the crimes of "fraudulent appropriation of property", "failure to report a crime" and "money laundering".
Why were Tiktoker Mr Pips Pho Duc Nam and many accomplices prosecuted and had their assets worth more than 5,000 billion frozen?
Initial investigation results determined that Pho Duc Nam colluded with Le Khac Ngo to set up a fraud ring to appropriate assets, following the model of stock brokerage companies.
Who is TikToker Mr Pips?
Before being prosecuted, Pho Duc Nam (born in 1994) with the nickname "Mr Pips" was famous on social networking platforms through many videos teaching how to get rich through investment or aiming to build a financial investment community.
On apps like TikTok, YouTube…, the latest clip that Mr Pips posted was more than 2 months ago. Since then, there have been no new clips until the news that this "hot" TikToker was prosecuted.
Notably, with constantly showing off piles of money, supercars, many clips teaching how to get rich, teaching how to invest of Pho Duc Nam attract hundreds of thousands or millions of views. Not only showing off profits, showing off wealth, Pho Duc Nam also regularly gives his analysis, comments, and forecasts about gold prices, virtual currency...
Clip Mr Pips teaches investment - Image cut from clip
In a clip longer than 1 hour posted in August this year, Pho Duc Nam livestreamed teaching "real-life" investment in the fields of international stocks, Forex... Nam advised anyone who wants to invest "seriously" not to spend 5 million VND, but should have a capital of several thousand USD.
"I have a trading account worth up to 2 million USD... Many people ask me how rich I am in Vietnam?", Nam said while showing off to members his portfolio that is making big profits.
To recruit more members to join his group, Nam also often shows off Telegram chat groups with hundreds of members. Nam's group operation method is to "show" the categories for members to join in the form of "copy-trade".
"Copy-trade" in investment is a form of copying transactions, the ultimate goal is for the copier to make a profit without having to spend effort researching the market, profit or loss depends on the effectiveness of the copied accounts.
Therefore, to attract members to join, Nam often shows off his "profit-making" skills. There are even many videos of Mr. Pips expressing his "morality" or desire to build a healthy financial investment community in Vietnam, thereby bringing investment knowledge to many people.
What should investors pay attention to?
After the news of Pho Duc Nam being prosecuted, many people "realized" that this TikToker Mr. Pips and his accomplices had been hiding under the name of a company and website to provide financial investment advice and stock brokerage with stock codes such as Facebook, Apple, Pepsi, Microsoft, Adidas, to lure and entice customers to participate.
After the victims have lost all their money, this group will continue to invite the victims to join a new floor with more attractive offers and introductions, promising to win back the lost money, in order to continue to appropriate the victims' assets.
Notably, when urgently searching the defendants' residences and workplaces, the investigation agency seized and froze the subjects' assets with a total value of more than 5,000 billion VND.
Speaking to Tuoi Tre Online, the director of a securities company warned that the State Bank has not yet licensed any Forex floors to operate in Vietnam. In addition, many scams have appeared under the guise of investing in "international securities" recently, so people need to be extremely careful.
"Fraudsters create stock exchanges, multi-level marketing, and virtual currencies, then continuously entice and invite people to invest with attractive promises such as commitments of high profits, easy money making, etc.," he said.
According to this person, copy-trade is a passive investment method, essentially still managing assets with the support of technology and creating a new form, adding more choices for investors. However, this form is also used by scammers investing in international stocks, virtual currencies, etc. to stimulate inexperienced people who want to invest profitably.
Social media accounts are everywhere offering international stock investment opportunities.
On many forums and social networks, there is no shortage of advertising accounts that only require a short-term investment to reap profits many times over without thinking or spending effort copying the portfolios of "masters", "super traders"... However, many of these accounts offer investment in international stocks, virtual currencies...
Unlike the "traditional" scam, these subjects will instruct investors to "copy" the portfolios of "super good" investors, the profits will be divided 7 - 3, meaning investors "don't need to do anything", just invest capital but receive 70% of the profits, the remaining 30% is a "commission" fee. To avoid being scammed, authorities have repeatedly recommended that people stay vigilant and only trust reputable and verified trading platforms and units...
Source: https://tuoitre.vn/bi-bat-cung-5-000-ti-tiktoker-mr-pips-tung-noi-nho-day-lam-giau-bang-chung-khoan-20241206213003798.htm
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