The Tyrant Billionaire

Chapter 74: Chapter 74 Ups and Downs

On this evening, David brought a beautiful woman to attend a party hosted by a celebrity friend. When they arrived at the door, they were spotted by waiting reporters who immediately surrounded them.

Entertainment stars are stars.

Economic stars are also stars.

Wash Mining is currently hot in the stock market, and interviewing David Wash would definitely be valuable.

"Mr. Wash, we are reporters from the San Francisco Entertainment News. Can we ask you a few questions?" the reporters blocked Wash and asked.

"Sure, go ahead," David Wash responded gracefully.

"Mr. David, could you tell us how large and what the reserves are of the mineral vein you discovered?"

David thought to himself, "How would I know how large it is?" But he didn't show any panic and smiled, saying, "It's quite large, but we haven't completed the full survey yet, so I can't give specific data."

"Oh, we haven't submitted it for testing yet. I plan to fully survey the veins, collect samples from various areas, and send them for testing together. That way we can get the most comprehensive data, don't you think?" David Wash said.

The reporters wanted to ask more questions, but David Wash raised his hand to interrupt.

"Sorry, I have to attend my friend's party now. Let's end it here," fearing that the reporters would ask more questions and he might appear nervous, he quickly dodged the conversation.

The next day, the newspaper published an interview with David Wash.

Wash Mining's chairman confirmed that they had found a mineral vein, which once again boosted Wash Mining's stock price. The previously stable stock price saw a strong surge.

As it rose to around $1.60, many sell orders appeared, and Wash Mining's stock price began to slowly decline again.

When the final trade was completed, Hardy smiled.

Thanks to David Wash, for accepting the interview, which allowed him to successfully sell the last batch of stocks.

A week later, Hardy finally sold all his stocks.

The lowest price in the early stage was only $0.12, but later, to boost the stock price, he bought some higher-priced stocks, averaging around $0.20.

The average selling price was $1.50.

He calculated that after deducting all expenses, he earned a total of $3.75 million.

It's like getting rich overnight.

Hardy felt ecstatic.

In fact, he could have made even more, for example, by leveraging institutions and going long on Wash Mining. Hardy had considered this at the time, but later abandoned the idea.

Borrowing money from financial institutions would leave too heavy a trace.

Stocks like Wash Mining, which rise and fall sharply, are bound to be watched by the SEC. If he had aggressively used leverage to reap profits, it would be like confessing.

So he chose a more stable approach, buying small amounts as a retail investor, which wouldn't attract attention.

Even if they investigated, it wouldn't matter.

All of his accounts were opened under the names of security company employees and some from the Red Bill Gang, so they could never trace it back to him.

As for why they bought that stock, Wasn't it hyped by the media?

Now that he has sold all the stocks, he can rest easy.

Next, he just waits to watch the show.

One day, a relatively unknown newspaper in Los Angeles suddenly published an article, "Wash Mining may be engaged in fraud."

The author of the article pointed out that while having dinner with a friend who knows minerals, his friend mentioned that the ore David Wash was holding in the newspaper photos was not copper ore at all, but rather pyrite.

The reporter was surprised and expressed doubt.

Later, through his friend, he contacted the two reporters who interviewed David Wash and saw the original color photos from them, which were clearer. He showed them to his mineral-savvy friend, who confirmed that it was definitely pyrite, not copper ore.

Moreover, many of the rocks shown in the photos taken at the site were not copper ore at all. Some were iron ore, and some were just plain rocks with no value.

In order to uncover the truth, the reporter secretly went to Wash Mining's exploration camp in New Mexico. David Wash was not at the camp, he had returned to San Francisco. The reporter asked the exploration supervisor, who said they had not found any large mineral veins.

There were no copper ores, even the iron ores were scattered in small quantities, there were no valuable deposits at all.

They had been there for six months and had not found any valuable large mineral veins. Even before David Wash left, they still hadn't found anything.

The reporter went to San Francisco intending to interview David Wash in person, only to find out that after returning to San Francisco, David Wash had used some of his stocks as collateral to borrow $300,000 from a bank. He then frequented casinos, hosted parties every day, and was surrounded by beautiful women.

Just a few days ago, during an interview with an entertainment newspaper, David Wash also claimed that they had discovered large mineral veins and were still surveying the specific reserves.

After he was asked when they would send samples for testing, David Wash said they would do so after completing all the surveys to obtain the most comprehensive data.

The reporter remarked that as the owner of a mining company, he couldn't possibly mistake copper ore for pyrite. Now, all evidence indicates that David Wash is likely lying.

His motive for lying is to inflate Wash Mining's stock price.

Just half a month ago, Wash Mining's stock price plummeted to $0.12 due to a report in the Los Angeles Financial News. However, after David Wash announced that he had found mineral veins and even associated gold deposits, Wash Mining's stock price soared dramatically and reached $1.56, a thirteen-fold increase.

This behavior is outright criminal. The reporter hopes that the SEC will investigate to prevent irreparable losses to investors.

This report exploded like a bomb in the stock market.

People were shocked. Is this true?

However, looking at the detailed report, it was very convincing. The reporter even personally visited the mining site, and even Wash Mining's exploration supervisor admitted that they had not found any large mineral veins.

Could all of this be fabricated by David Wash?

Investors in Wash Mining began to feel anxious, and many started to sell. Wash Mining's stock price began to plummet rapidly.

In one day, Wash Mining's stock price dropped from $1.56 per share to $1.25, shrinking its market value by one-fifth.

The next day stabilized a bit.

The SEC issued a public announcement, officially launching an investigation into Wash Mining and dispatching personnel to verify the company's actual situation.

On the same day, someone saw David Wash being taken away for investigation.

Boom~!

The landmine was officially detonated.

Wash Mining's stock price began a frantic downward spiral.

$1.14.

$1.05.

$0.98.

Officially breaking the $1 mark.

But it didn't stop there.

The decline continued.

$0.81.

$0.74.

$0.62.

By the end of the day, Wash Mining's stock price had plummeted to $0.43.

...

The SEC Investigation Department.

David sat on a chair, looking extremely uneasy.

Investigators placed documents in front of him and stared at David Wash with cold expressions, "Did your mining company really find a large mineral vein?"

"N-no, but I never said we did," David Wash evasively replied.

"What did you say during the interview with the reporters?"

"I only mentioned the possibility of finding a large mineral vein and associated gold deposits. I never claimed we actually found one. It was a mistake in the financial report."

The investigator gave a cold smile.

"Is that so?"

"After the report, you had a whole week to come out and clarify. Why didn't you?"

"We investigated your movements. The day after the report, you returned to San Francisco and frequented the stock exchange there because of that report. Wash Mining's stock price surged. Why didn't you come out to explain?"

"During the interview with the San Francisco Entertainment News reporters, not only did you not clarify, but you also claimed to have found a large mineral vein and were awaiting further surveys and testing."

David Wash was left speechless, his face was pale from fear.

He wanted to explain that it was indeed a mistake initially, but how could he explain his subsequent actions?

Clearly, he was happy to see the stock price rise.

He even played along to boost the stock price.

How could the investigators believe he was innocent?

The investigators placed photos in front of David Wash, taken at the mining camp in his area.

They had already had mining experts evaluate them, and there was not a single qualified copper ore among them, just some pyrite and a pile of useless rocks.

"The-I-I really... I really didn't mean to... it was all just a misunderstanding at first..."

"Waaah..."

The investigator sneered.

He had seen too many slippery characters like this, many of them once prominent financial giants, all claiming innocence when they came here.

"Save these explanations for the judge."

Soon after, the SEC publicly announced that Wash Mining had indeed engaged in fraudulent activities.

The earlier announcement of finding large mineral veins was a lie, and Chairman David Wash of Wash Mining was accused of manipulating stock prices with false information.

Furthermore, the SEC issued a warning, Wash Mining had previously borrowed $200,000 from a bank to purchase land in New Mexico, and later, David Wash used stock as collateral to borrow $300,000 for personal expenses. Combined with Wash Mining's losses in recent years, they might be in a situation of insolvency. Investors were advised to invest cautiously.

Boom~!

Wash Mining's stock price exploded again.

Just these past two days, Wash Mining's stock price had dropped to $0.21, and some were still hoping for a favorable investigation outcome.

But with the SEC's announcement, Wash Mining was essentially sentenced to death.

Wash Mining's stock price plummeted.

Breaking through $0.10, and finally settling at $0.03 per share.

Investors lamented, Wash Mining's shareholders were even more despondent.

They had seen their fortunes rise with the soaring stock price, only to experience a roller coaster ride in just one month.

Falling, Rising, falling.

In this dramatic decline,

Hardy made a small profit again. Before the news broke in by that small newspaper, he used scattered accounts to short Wash Mining through two new brokers.

But it wasn't a big play, since the SEC were about to start investigating.

In total, he only made a little over $600,000, which for the current hardy is quite a lot.