WATCH OUT for scammers pretending to be Jomo Kwame Sundaram offering stock advice on Facebook!
Find out what’s going on, and warn your family and friends!
Jomo Kwame Sundaram Stock Advice Scam Alert!
Scammers are running Facebook advertisements that claim that famed Malaysian economist, Jomo Kwame Sundaram, is created a WhatsApp group offering free stock investment advice!
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Jomo Kwame Sundaram Stock Advice Scam : What You Need To Know!
These Jomo Kwame Sundaram stock investment scams are being promoted heavily on Facebook in 2023, so please alert your family and friends!
Fact #1 : Jomo Kwame Sundaram Reported These Fake Ads
These fake Jomo Kwame Sundaram stock advice advertisements have been promoted on Facebook for several months now. On April 15, 2023, Jomo himself posted about this scam:
Unfortunately, as many people have discovered, Meta / Facebook does not appear to care about these fake ads. You can report them till kingdom come, but they will just keep running on Facebook as long as these scammers pay for them!
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Fact #2 : Jomo Kwame Sundaram Is A Renown Economist
Jomo Kwame Sundaram is a world-renown economist, who writes extensively on economic policies. However, as he explained above, he is not an investment consultant!
He has better things to do than to offer you free stock investment advice! In May 7, he just published an article called “Inflation phobia, myths and dogma exacerbate policy responses” in the Review of Keynesian Economics.
Fact #3 : One Victim Lost RM480K To Investment Scam!
In November 2022, a 60 year-old housewife from Port Dickson fell for a similar investment scam, and lost almost RM480,000 (about US$104,000).
After being offered the free book on Facebook, she was asked to join a WhatsApp group called Family Discussion, where she was asked to convinced to “invest”.
The WhatsApp group administrator instructed her to download an application called Forza, and open a savings account. She was then asked to deposit money into certain bank accounts, and upload the slips using that Forza app as proof.
The lady withdrew her savings and borrowed from her children and friends to invest RM476,100. However, when she wanted to withdraw the interest paid by the company, her account was blocked. The group administrator told her that she would need to deposit an additional RM427,200 to withdraw the interest.
That was when the lady realised she had been scammed, and lodged a police report.
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