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The present study provides a comprehensive analysis of the phenomenon of financial pyramids in the US stock markets from the perspective of their evolutionary adaptation to modern regulatory and technological realities. The paper systematizes the key markers of identification of fraudulent schemes (abnormal financial statements, insider transactions, media manipulations), as well as identifies the institutional prerequisites for their persistence, including information asymmetry and cognitive distortions of investors. Special attention is paid to hybrid pyramid forms using the mechanisms of SpaceX and biotech startups for camouflage. The research methodology combines a quantitative analysis of market anomalies (volatility, short interest) with a qualitative assessment of narrative strategies in corporate communications. The results demonstrate the limited effectiveness of the SEC's regulatory measures in the context of the digital transformation of fraudulent practices, which is confirmed by the cases of Mullen Automotive (MULN) and Australian Oilseeds (COOT). Based on the analysis, a multifactorial risk screening model is proposed that integrates fundamental and behavioral parameters.
financial pyramids, microcap companies, insider trading, pump-and-dump, behavioral finance, SEC, information asymmetry, SPAC.
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