Gate News reports that on March 10, the U.S. House of Representatives launched an investigation into several Wall Street underwriters, including Dominari Securities, which has ties to the Trump family. The investigation concerns these firms’ assistance to multiple Chinese companies in going public in the U.S., with the related stocks later accused of market manipulation. Chairman John Moolenaar and senior Democrat Ro Khanna sent investigation letters to three firms on Monday, requesting information about underwriting Chinese company IPOs. The three companies are D. Boral Capital, Dominari Securities, and Revere Securities. In the letters, lawmakers pointed out that after these companies’ listings, they were used for “pump-and-dump” style stock manipulation: Chinese shell companies coordinated trades and market publicity to inflate stock prices, then sold shares to retail investors at high levels, causing significant price drops. Some cases showed numerous accounts placing nearly identical buy orders above the IPO price, briefly boosting valuations before insiders quickly cashed out.
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