U.S. lawmakers have initiated a probe into several Wall Street firms, including Dominari Securities, linked to the Trump family, focusing on their roles in facilitating fraudulent Chinese company listings in the U.S. stock market.

On Monday, the House of Representatives Select Committee on China reached out to three underwriters — D. Boral Capital, Dominari Securities, and Revere Securities — requesting details about Chinese IPOs they underwrote.

“These scam centers defraud American households through coordinated ‘ramp-and-dump’ stock manipulation schemes involving Chinese shell companies listed on American exchanges, which your firm appears to facilitate,” the lawmakers stated.

Allegations suggest that these Chinese entities exploit U.S. IPOs to artificially inflate share prices via coordinated efforts, only to offload stock to retail investors before values plummet. In certain instances, numerous accounts reportedly executed nearly identical buy orders above the IPO price, driving valuations up temporarily before insiders divested their shares.

Chinese Stock Scams Cost Investors Billions

Lawmakers highlighted that circa $16 billion of U.S. investor wealth has been lost since 2023 due to these schemes. FBI data indicates a 300% rise in complaints related to these Chinese stock manipulation issues.

The inquiry emphasizes the importance of documentation from the targeted firms, including communications, trading records, funding sources, and due diligence on Chinese IPOs.

Source The letters include previous warnings issued by FINRA.

The committee is exploring whether U.S. financial intermediaries may have unintentionally facilitated these manipulation efforts involving Chinese firms, with firms expected to provide the requested documents by Friday.

Dominari Under Scrutiny in stock Manipulation Investigation

Dominari, one of the brokerage firms involved, is based in New York’s Trump Tower and is owned by Dominari Holdings, where Eric Trump, son of former President Donald Trump, plays a significant role as a shareholder. Both Eric Trump and Donald Trump Jr. joined the company’s advisory board in February 2025.

Last year, Dominari aided in raising funds for Thumzup, a public company that adopted a Bitcoin treasury strategy and attracted substantial investments from Donald Trump Jr.