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Suspected core members of sophisticated syndicate charged in ramp-and-dump case

Issue date: 2023-08-03 16:33:26

Mr Stevens Yip Chi Fai and Ms So Lung Ying, both being suspected core members of a large-scale and sophisticated syndicate suspected of ramp-and-dump market manipulation, were charged today at the Eastern Magistracy following an extensive investigation of the Securities and Futures Commission (Note 1).

They were charged with the offence of conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities contrary to section 300 of the Securities and Futures Ordinance and section 159A and 159C of the Crimes Ordinance.

No plea was taken.  The case was adjourned to 2 November 2023.

The Court granted bail to Yip and So on these conditions: (i) not to leave Hong Kong; (ii) surrender all travel documents; (iii) report to police station on regular basis; (iv) cash bail $500,000 and $50,000 respectively; (v) reside at the reported residential address and inform Police within 24 hours of any change of residential address.

No further comment will be made now that legal proceedings have commenced.

End

Note:

1. A social media ramp-and-dump scam is a form of stock market manipulation where fraudsters use different means to “ramp” up the share price of a listed company and then induce investors via social media platforms to purchase the shares they “dump” at an artificially high price.

News captured as of:2023-08-03 16:33:26

Source: SFC