distortions created by so-called "pump-and-dump" schemes are well known, little is known about the investors in these frauds. By … investors from a major German bank, we provide evidence on the participation rate, magnitude of the investments, losses, and the … sizable losses, with nearly 6% of active investors participating in at least one "pump-and-dump" and an average loss of nearly …

investors – as well as the U.S. government – admit they cannot operate without. Even greater concentrations of financial power …

This paper argues that the key mechanisms protecting retail investors' financial stake in their portfolio investments … are indirect. They do not rely on actions by the investors or by any private actor directly charged with looking after … investors' interests. Rather, they are provided by the ecosystem that investors (are legally forced to) inhabit, as a byproduct …