US lawmakers are investigating Wall Street underwriters, including Dominari Securities, a firm linked to the Trump family, for their role in bringing Chinese companies to US stock markets. These companies are subsequently tied to massive stock manipulation schemes. The House Select Committee on China has sent letters to D. Boral Capital, Dominari Securities, and Revere Securities seeking information on Chinese initial public offerings (IPOs) they underwrote.
Lawmakers allege these firms facilitated "ramp-and-dump" stock manipulation schemes involving Chinese shell companies. These schemes inflate share prices through coordinated trading and promotion before insiders sell, leaving retail investors with significant losses. Estimates suggest around $16 billion in US investor wealth has been lost since 2023, with FBI data showing a 300% increase in complaints related to Chinese stock manipulation.
Dominari Securities, based in Trump Tower, is owned by Dominari Holdings, where Eric Trump is a major shareholder. Eric Trump and Donald Trump Jr. joined its advisory board in February 2025. Last year, Dominari also helped facilitate fundraising for Thumzup, a company that attracted investment from Donald Trump Jr.
The committee is examining whether US financial intermediaries inadvertently aided manipulation schemes tied to Chinese issuers. The firms are required to submit requested documents by Friday.