With the rise of the stock market at the beginning of this year, more and more so-called "securities consulting companies" appeared online. They claim their service will give investors large gains. But many of them are illegal.
If you search online, you can find over two hundred websites that claim to be security consulting firms in Shanghai. Many of them say they can provide inside information and offer expert advice. They promise investors high profits, no matter if it's a bull or a bear market.
But investigations have found many of them to be illegal and are fraudulent businesses.
Wang xiong, the vice president of Guotai Junan securities said, "Those illegal websites have some common characteristics. Firstly, they often claim to be a branch of a famous security firm or financial institution, but their websites are badly designed. Secondly, they lure investors to become their club members. They claim some famous experts work with them. Thirdly, they always promise high returns. And lastly, they post their account number. Legal security firms never publish their account numbers on their websites."
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