Money and Education: Pump and dump

Pump and dump

By Anonymous - 07/05/2017 20:00

Today, I learned that my dad invested my entire college fund into some shady internet stock, despite my dire warnings about being careful. He told me not to worry as he'd done some research, and he guaranteed everything would be fine. Two hours later that same stock dropped almost 75%. FML

I agree, your life sucks 7 059

You deserved it 430

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Same thing different taste

By extants - 11/02/2010 20:13 - United States

Today, I found out my broker invested my $6000 in the wrong stock. How did I find out? He called me to let me know the stock crashed. FML

I agree, your life sucks 30 371

You deserved it 3 649

By FATS DOMINO - 20/10/2011 15:39 - United States

Today, my sister finally broke down and told me that our dad gambled away of all my college savings, and I would have to pay for school the best way I can. They have known for months, and when I asked why nobody told me, the reply was, "You're a college boy, we thought you would figure it out." FML

I agree, your life sucks 33 611

You deserved it 2 448

By poor man - 26/11/2014 14:13 - United States - Fort Lauderdale

Today, I frantically told my parents that my bank account had no money. Turns out, they took the $1,600 I had saved up from a summer job and invested it in penny-stocks. I was grounded because they were "doing it for the family," and I'm being selfish. They also had lost it all in a matter of days. FML

I agree, your life sucks 44 768

You deserved it 2 994

This needs further details!

By Anonymous - 03/12/2021 11:01

Today, I was conned out of £50,000 by my own father, who everyone thought had been dead for 3 years. FML

I agree, your life sucks 992

You deserved it 197

By screwed - 19/11/2009 03:31 - United States

Today, my dad came home from Vegas. Today, my college savings account is down by $64,000. FML

I agree, your life sucks 45 172

You deserved it 3 196

By oh... - 20/10/2013 20:34 - United States - Springfield

Today, I realized that when my dad said he would pay for my college, he really meant that he was going to forge my signature on a student loan in my name and not make payments on it. FML

I agree, your life sucks 51 406

You deserved it 3 609

Pump and dump

By Anonymous - 05/07/2021 16:00

Today, my husband had to admit that he lost 5000$ on a cryptocurrency scam that some asshole Twitch streamer convinced him to invest in via Twitter. FML

I agree, your life sucks 981

You deserved it 168

By skyhigh - 13/01/2011 05:48 - United States

Today, I discovered my parents have spent my college fund because "2012 will happen" before I graduate. FML

I agree, your life sucks 48 747

You deserved it 3 322

By Anonymous - 08/08/2015 04:02 - United States - Portland

Today, my wife handed over most of our son's college fund, in cash, to an investment scammer going by the name "Herp A. Derpson". FML

I agree, your life sucks 32 134

You deserved it 3 697

By Anonymous - 06/01/2010 18:19 - United States

Today, I found out my dad spent most of the $500 I earned from mowing lawns on an Xbox 360 for himself. He was the one who encouraged me to put the money in the bank for college and to learn responsibility. I'm 14 years old. He's 37. FML

I agree, your life sucks 38 950

You deserved it 2 886

timinator5000 28

Sunday 7 May 2017 20:07

First rule of investing...diversity. Never put all your eggs in one basket.

RockPrincess26 16

Sunday 7 May 2017 20:06

Your dad shouldn't be allowed to touch your college savings.

Comments

DJRy 13

Monday 8 May 2017 13:45

Not sure how anyone can think this is funny? That's ******* awful, especially since it's so hard to come by money for college in the first place.

oniontom 2

Monday 8 May 2017 18:10

what a pity！

Danne696 14

Monday 8 May 2017 19:12

Just saying, no loss is actually a loss until you sell the stock. It sounds like he invested in a volatile high-risk stock and it's completely possible for it to swing back to a profit before it's time to sell anyway.

PenguinPal3017 19

Tuesday 9 May 2017 5:49

lol possible but unlikely. I follow a lot of penny stocks and they rarely go back up. They often go down 20X then up 2X over and over. News probably came out that was bad. "this drug is totally going to pass trials" - nope. "they are totally going to settle their lawsuit for millions" - settlement for $10,000. There's no recovery, not for years, if ever.

KeatonHanson 28

Tuesday 9 May 2017 17:58

Seems like your dad should have his computer privileges revoked

RockPrincess26 16

Wednesday 10 May 2017 1:38

I agree. What adult falls for that? Other than OP's.

yourwifelovesme 25

Tuesday 9 May 2017 20:34

I'm known for being calm and very even tempered but the 2 things guaranteed to genuinely piss me off every time are when people screw with my money and when people screw with my car. I'd have gone off on your dad if I were you op. Props to you