Snapshot from Aug 02, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Regulatory / Pump and dump scams surge in Australia
Regulatory scam surge

Pump and dump scams surge in Australia

Analysis based on 6 articles · First reported Jul 16, 2026 · Last updated Jul 17, 2026

Sentiment
-30
Attention
2
Articles
6
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The surge in pump and dump scams undermines investor confidence in Australian markets, potentially reducing retail participation. ASIC's heightened scrutiny may lead to increased regulatory costs for brokerage firms.

financial services social media
Event Summary

Online fraudsters are increasingly targeting older Australians with fake celebrity endorsements and investment tips, particularly through pump and dump scams. The Australia — Australian Securities and Investments Commission (ASIC) reports a surge in such scams, with losses potentially in the millions. Scammers impersonate high-profile figures like economist Tom Piotrowski, financial counsellor Scott Pape, and iron ore magnate Andrew Forrest to lure victims. Unlike typical investment scams, pump and dump schemes involve purchasing genuine shares through legitimate brokerage accounts, making victims unaware they are being scammed until the share price collapses. ASIC commissioner Alan Kirkland advises verifying financial services licenses. In December 2025, four individuals were convicted for using Telegram to manipulate stock prices. Australians lost $2.18 billion to scams in 2025, including $837.7 million to investment scams.

Key Actions
60 Australia — Australian Securities and Investments Commission reported surge in
50 Tom Piotrowski warned about
40 Scott Pape warned about
30 Andrew Forrest spent millions fighting Meta Platforms
20 Australia — Australian Securities and Investments Commission advised checking
Entities Involved
govactor
Australia — Australian Securities and Investments Commission
ASIC is the primary regulator addressing the scam surge, issuing warnings and advising the public.
Importance 80.0 Sentiment -10.0
cnt
Australia
Australia is the country affected, with significant financial losses to scams and regulatory response.
Importance 60.0 Sentiment -20.0
per
Alan Kirkland
ASIC commissioner Alan Kirkland publicly commented on the scam surge, urging vigilance.
Importance 50.0 Sentiment -5.0
per
Tom Piotrowski
Economist Tom Piotrowski's identity is being impersonated by scammers; he is raising awareness.
Importance 40.0 Sentiment -15.0
per
Scott Pape
Financial counsellor Scott Pape has been impersonated by scammers; he warned about deepfake AI posts.
Importance 30.0 Sentiment -10.0
per
Andrew Forrest
Iron ore magnate Andrew Forrest has spent millions fighting Meta over deepfake AI videos impersonating him.
Importance 30.0 Sentiment -10.0
stock
Meta Platforms
Meta is being sued by Andrew Forrest over deepfake AI content, highlighting platform responsibility.
Importance 25.0 Sentiment -15.0
stock
National Australia Bank
National Australia Bank's nabtrade arm employs Tom Piotrowski, but is not directly involved in the scams.
Importance 20.0 Sentiment -5.0
priv
Telegram
Telegram was used by convicted scammers to coordinate pump and dump schemes.
Importance 20.0 Sentiment -10.0
subs
Commonwealth Bank — CommSec
Commonwealth Bank — CommSec is Tom Piotrowski's former employer, mentioned only in background.
Importance 10.0 Sentiment -5.0
Relationships
Australia — Australian Securities and Investments Commission related ↔ Australia
Australia related ↔ Meta Platforms
Australia related ↔ National Australia Bank
Australia related ↔ Telegram
Meta Platforms related ↔ Telegram
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