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It could be a scam out of The Sopranos or The Wolf of Wall Street.

But whereas the Webistics and penny stock scams involved cold-calling from boiler rooms, a current pump-and-dump plot is said to rely on WhatsApp chats.

In a pump-and-dump, shares are hyped up, targets buy in, the share price surges and the scammers dump the stock, leaving others with big losses.

The Financial Markets Authority (FMA) has even released the phone numbers and aliases of suspected scammers.

“Scammers purchase large volumes of low-value shares in overseas companies,” the FMA said.

“They then persuade investors to purchase low-priced shares in [the] overseas company, artificially inflating the share price.”

Scammers promote investment club group chats through social media.

The FMA said scammers often published ads impersonating business leaders or financial commentators to promote the group chats.

“In some cases, the scammers send unsolicited invitations to the group chats through messaging platforms like WhatsApp.”

The scammers might initially recommend purchasing shares of a big, well-known company such as Nvidia or Tesla.

“This is a tactic to build trust before drawing potential victims into the pump-and-dump scheme.”

The scammers then sell their holdings at a profit.

Leonardo DiCaprio's Jordan Belfort ran a 1980s penny stock pump-and-dump scheme. Photo / Mary Cybulski

Then the share price collapses, leaving investors not in on the scam with big losses.

And sometimes the victims are exploited again.

“After a victim suffers a loss, the scammers often claim, falsely, that the victim is entitled to compensation or reimbursement.”

That tactic is known as a recovery room scam.

“The scammers use these claims to harvest personal information and further payments from the victims,” the FMA said.

“Stop engaging with the scammers,” it advised people.

“Do not provide any further personal information or payments to them. Report the group chats to WhatsApp and block the scammers on all devices.”

The FMA has released numerous phone numbers and WhatsApp group details it alleges are involved in the scams.

The Herald tried calling some of the numbers but two appeared to be disconnected.

Another went to a voicemail message saying: “The person you are calling cannot accept calls at this time.”

Pump-and-dump WhatsApp group chats

• 276The Stock Investment Elite Wealth Group 1
• Investment Navigation Group 1
• Stock Market Tracking group Z1, +1 (314) 665-7424
• Stock Market Trends 51, +1 (856) 500-8420 and +1 (504) 657-6110
• Stockmarket navigation group302, +1 (504) 261-9422 and +1 (808) 216-7031
• US Stocks Investment Group-672

Fictional investment advisers

Amy Mills, +1 (681) 427-8556
David Greene (imposter)
Jane Share Guru
Laura Marcuzzi (imposter), +44 7563 754111
Nicole Vera (imposter), +44 7731 897748
Scott Horsburgh (imposter), +1 (217) 862-4364

The FMA said people who lost money to the scams could phone Victim Support on 0800 842 846.

John Weekes is a business journalist covering aviation and court. He has previously covered consumer affairs, crime, politics and courts.