WhatsApp scam using Francesco Giavazzi’s name to lure investors

On the 24th of September in 2025, an individual shared their experience on the Confrontobroker.co.uk site, seeking clarification regarding a purported WhatsApp trading group associated with ‘Professor Francesco Giavazzi.’

Reports indicated that the chat interface was managed by Federica Basile, who regularly posted updates and commentary on the stock exchange’s performance. The promoters of this group boasted of an upcoming significant venture that would yield extraordinary profits. However, in the interim, the group was recommending trades in thinly traded securities on the US market, securities prone to extreme price fluctuations following the classic ‘pump and dump’ scheme.

The ‘pump and dump’ manipulation technique is a widely recognized form of market manipulation, where schemers initially target a low-value stock and artificially inflate its value by enticing buyers through private groups or chat channels. Once the price reaches an artificial peak, the promoters sell off their positions, causing a sudden crash. Those who followed the advice are left with devalued securities and substantial losses. This practice is unlawful in countries like the United States, and regulatory bodies such as Consob in Italy have reiterated its fraudulent nature.

In an attempt to establish credibility, the group organizers illicitly used the renowned name of Francesco Giavazzi, an economist and political economy professor at the Bocconi University in Milan. Despite being a distinguished academic, columnist for Corriere della Sera, and a consultant for various Italian and international entities, Professor Giavazzi has no affiliation with these trading groups. Fraudulent landing pages have been circulating online, falsely claiming that Giavazzi amassed millions in the stock market using artificial intelligence. These pages, hosted on ambiguously registered domains, mix genuine academic references with fabricated statements. By misusing Giavazzi’s image without permission, these pages lure users into thinking they are engaging with a legitimate venture, when in reality, it’s a tactic to get them to join the group and subsequently invest money on unauthorized platforms.

These deceptive pages not only exploit notable individuals’ names but also mimic journalistic articles, reference esteemed universities and scientific journals, and use images taken from unrelated sources to enhance credibility. The manipulation aims to appear legitimate to users lacking the means to validate sources. Victims are misled into believing in a scientific or technological method for consistent profits, only to be persuaded to invest in unregulated platforms.

Recent warnings from Consob highlighted the increasing prevalence of WhatsApp scams featuring deceptive offers. In its August 2025 statement, the Commission condemned campaigns promising exorbitant returns of up to 300% through messaging groups, noting the consistent use of fabricated testimonials and public figures’ names. Similar alerts were issued by the Spanish CNMV and UK FCA, identifying these methods as primary avenues for new fraudulent activities.

Choosing to trust these schemes exposes individuals to the risk of losing their entire investment. Victims often face challenges when attempting to withdraw their funds, encountering obstacles, excuses, and additional requests. Ultimately, those involved realize they have relinquished control over their finances to scammers.