US House Committee Probes Wall Street Underwriters Over Chinese IPOs

A U.S. House committee is conducting an investigation into three Wall Street underwriters, including Dominari Securities, which has connections to U.S. President Donald Trump, regarding Chinese IPOs allegedly involved in stock manipulation schemes. According to NS3.AI, these schemes have reportedly resulted in a loss of approximately $16 billion for U.S. investors since 2023. Lawmakers allege that the Chinese issuers employed coordinated 'ramp-and-dump' tactics to inflate prices beyond IPO levels before offloading shares onto retail investors. The investigation includes Dominari Securities, a firm linked to the Trump family, which previously assisted in raising funds for Thumzup, a public company that adopted a Bitcoin treasury strategy.