African Copper Corp (OTCBB:ACCS) Crushed by Victory Mark

Every stock on the market has its ups and downs. However, when a stock drops 75% in a single session that’s not just a down day. Yesterday African Copper Corp (OTCBB:ACCS) got crushed.

The apparent reason was the pump initiated by Victory Mark’s Penny Stock Heroes and Select Penny Stocks. ACCS closed down 75% at $0.0335, but those who bought in the morning and didn’t sell are actually looking at 80% losses.

The volume for the session almost reached 108 million shares. That number suggests that the people behind the pump looking to unload their shares could have dumped all of them, but I’ll get to that a little later.

ACCS claims it is a mineral exploration company trying to find silver or copper properties in Africa. As with many insider enrichment schemes, ACCS has limited assets insufficient to engage in any real exploration.

Going back to the 108 million shares that changed hands yesterday – prior to the start of the pump there were unnamed parties holding nearly 90 million freely tradable shares. Those shares were acquired before the 160 for 1 forward split from December 2012, and the adjusted price after the split goes down to $0.0005.

Since pretty much all of the rest of the outstanding shares of ACCS are held by its President and CEO, it’s safe to assume yesterday people were buying those very same shares bought at $0.0005.

The people behind the pump may already be sitting on profits in excess of $10 million. As for those who tried to play the pump, there aren’t too many options for a positive outcome.

If the fiasco with Xumanii, Inc. f/k/a Medora Corp (OTCMKTS:XUII) is repeated and at some point Awesome Penny Stocks (APS) picks ACCS, then there is a chance the pump players may even get out with a profit. That is a possibility especially seeing how APS has moved on from XUII, and there were rumors the German affiliates of APS had talked about ACCS in May.

However, it’s entirely possible APS won’t use ACCS as a pick and in that case, chances of getting out of ACCS without taking a huge loss go further down. I have gone over the easy ways one can identify an insider enrichment scheme in a previous article about iTalk Inc (OTCBB:TALK). ACCS exhibited all the signs, and I hope our readers didn’t fall for this one.