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After signing the contract, she received information what they claimed to be "exclusive" through individual KakaoTalk message. She received a contract that included polices for refunds through KakaoTalk message. The woman was consulted via a phone call. There are no qualifications, and no minimum capital is required. They can run the business after simply filing a document. Under Korea's Financial Investment Services and Capital Markets Act, a person who intends to engage in the business of providing advice on investment in financial investment instruments or the value of financial investment instruments is referred to as a quasi-investment advisor. "I first doubted, but ended up registering it after I confirmed that the website address was actually valid," said the woman. But she was convinced by the advisors as they said they are legal business registered with Financial Supervisory Service and sent her a website link. The woman first hesitated to pay the 5 million won for the membership, which the advisors said was a sharply discounted price. The advisors mentioned the Financial Supervisory Service when persuading retail investors. But those were exaggerated numbers that were mocked up with Photoshop, according to the woman. Some texts included other people's stock trading accounts that show high gains. "But later I found out that the advisors just make recommendations of some shares that have increased in price during after-hours trading." Some stocks experience price bumps in the after-hours market, which is open from 4 to 6 p.m., when positive news or earnings result are released after the closing bell. "As the prices of shares that the informant recommended rose the next morning, I thought exclusive information that retail investors cannot know really exists in the chat room," she said. After receiving those text messages for about a month, the woman joined the chat room. offering a tip and another the next morning at 10 a.m. The tipster would send her a message twice a day: one at 6 p.m. After a month of consideration, the woman sent a text message to the number and said she is interested. "Anyone who wishes to receive specific information about when to buy the shares, please text the number below," the host said. The skincare specialist first found out about the chat room in December via a YouTube channel. The strategies used by the advisors are refined and highly targeted. The number surged to 1,744 in 2020, and a total of 573 cases were reported so far this year. A total of 905 claims for damages were filed in 2018, according to Financial Supervisory Service. Korean retail investors have been on a Korean stock buying spree since the coronavirus-induced downturn began, and many of the punters are losing money after paying for advice from supposed pros.
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The woman paid 5 million won for the subscription and bought shares according to the advice offered. In February, she bought a one-year subscription to Stock Leading Room, a chat room that is said to be operated by competent stock analysts. Unemployed due to the pandemic, she joined a chat room that offers stock tips after seeing it promoted on YouTube. Her gains exceeded 200 percent in July, and her 5 million won of seed money became 50 million won in a trice. She began with 5 million won ($4,460) in January last year, and invested in hydrogen-related stocks. A 41-year-old skincare specialist who started investing in stocks early last year lost millions of won after she joined an online paid chat room that claims to provide exclusive information on the stock market. A retail investor reads a stock investment-related book at a big bookstore in downtown Seoul on Jan.