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WSJ Your Money Briefing

How Phony Billionaires Are Scamming Stock-Market Investors Online

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 18 March 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

Fraudsters posting fake ads on social media and posing as high-profile investors like Cathie Wood, Steve Cohen and Bill Ackman have swindled victims out of hundreds of thousands of dollars. Wall Street Journal contributor Randall Smith joins host J.R. Whalen to discuss. Listening on Google Podcasts? Here's our guide for switching to a different podcast player. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

The less your business spends the more margin you keep.

0:03.5

Net Suite by Oracle brings accounting, finance, inventory, and HR into one proven platform,

0:09.5

helping you reduce costs everywhere.

0:12.0

Now through April 15th, Net Suite is offering a one-of-a-kind flexible financing program.

0:17.9

So head to Net Suite.com slash Wall Street right now. Here's your money briefing for Monday March 18th. I'm J.R. Whelan for the Wall Street

0:29.3

Journal. The fraudsters are at it again. They're luring individuals into stock market scams and this time they're posting ads on social media pretending to be successful investors and hedge fund managers.

0:44.3

The biggest one is Steve Cohen who's worth $20 billion and owns the New York Mets.

0:48.9

He's a big time hedge fund manager, but they also have Ray Dahlio of Bridgewater

0:53.8

Kathy Wood of Bark Investments who had like 150% return a couple of years ago.

1:00.1

We'll talk to Wall Street Journal contributor Randall Smith about how the scam works and how to

1:05.1

spot a fake ad after the break. The less your business spends the more margin you keep. Net Suite by

1:19.9

Oracle brings accounting, finance, inventory, and HR into one proven platform, helping you reduce

1:26.4

costs everywhere.

1:28.2

Now through April 15, Net Suite is offering a one-of-a-kind flexible financing program, so head to Net Suite.

1:34.6

dot com slash Wall Street right now. Fraudsters posing online as well-known billionaires and investment

1:47.0

gurus are luring people into stock market scams.

1:51.0

Wall Street Journal contributor Randall Smith has been looking into this and joins me.

1:55.0

Randy, these scammers have chosen some big names to impersonate.

1:59.0

Who's on the list?

2:00.0

The biggest one is Steve Cohen who's worth $20 billion and owns the New York Mets.

2:05.0

He's a big time hedge fund manager, but they also have Ray Dahlio of Bridgewater,

2:10.0

Kathy Wood of ARC investments who had like 150% return a couple of years ago and

...

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