According to WCCFTech , a court in Taiwan has sentenced a woman to eight years in prison for defrauding three other women into buying fake stocks at low prices. According to the report, Lin Lifen committed the fraud in 2013 and 2014, by impersonating employees of TSMC and Foxconn to lure victims into investing in stocks of these two companies at low prices and promising high profits.
TSMC's reputation exploited by scammers to lure victims
Lin Lifen's scam was successful with the first two victims, when the two women invested a total of 9.8 million NTD (equivalent to 7.6 billion VND) to buy stocks. However, after receiving the money, Lin fled and did not buy stocks for the victims.
Lin Lifen did not stop there, but continued to commit fraud with another victim. This person convinced the victim that she was investing with a famous Taiwanese socialite in HTC stocks. The victim trusted her and invested up to NT$22 million with Lin Lifen, and received the same ending as the two victims above.
After 10 years of committing fraud, Lin was arrested and brought to trial. The court sentenced the defendant to 8 years in prison for fraud and using forged documents to appropriate property.
Another scam involving TSMC has been shared. This scam was a Ponzi scheme, discovered earlier this year when a former TSMC engineer was arrested for defrauding $207 million. Although it did not directly involve TSMC stock, the scammer contacted colleagues and acquaintances, promising them high returns on their investments while actually using new investors’ money to pay off existing investors.
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