Hong Kong Court Charged 2 Individuals for Money-Laundering, Total 24 People Charged for Ramp & Dump Market Manipulation Scheme and $82 Million Assets Frozen in Securities Trading Account
22nd April 2023 | Hong Kong
A Hong Kong court has charged 2 individuals (Wong Yin Ling and Tse Yi Kwan) for money-laundering offences, with a total of 24 people charged for Ramp & Dump market manipulation scheme and $82 million assets frozen in securities trading account. Hong Kong SFC: “2 additional suspects appeared at the Eastern Magistracy today and were charged with money laundering related offences, following an earlier joint operation between the Securities and Futures Commission (SFC) and the Police against a large-scale and sophisticated syndicate suspected of operating “ramp-and-dump” market manipulation. No plea was taken from Ms Wong Yin Ling and Ms Tse Yi Kwan, who are family members of another suspect of the syndicate, Ms Tse Yiu Chung, who was charged earlier. The Court adjourned the case to 4 October 2023 and granted bail to Wong and Tse on these conditions: (i) not to leave Hong Kong; (ii) surrender all travel documents; (iii) report to police station on regular basis; and (iv) cash bail of $800,000. The latest legal proceedings bring the total number of people charged to 24, following a series of extensive investigations by the SFC and the Police into suspected “ramp-and-dump” stock investment schemes and suspected money laundering activities.”
” Hong Kong Court Charged 2 Individuals for Money-Laundering, Total 24 People Charged for Ramp & Dump Market Manipulation Scheme and $82 Million Assets Frozen in Securities Trading Account “
Total 24 People Charged for Ramp & Dump Market Manipulation Scheme and $82 Million Assets Frozen in Securities Trading Account
4th April 2023 – 6 additional suspects – including key members and an alleged ringleader – were charged with various criminal offences following an earlier joint operation of the Securities and Futures Commission (SFC) and the Police against a large-scale and sophisticated syndicate suspected of operating “ramp-and-dump” market manipulation.
These suspects appeared at the Eastern Magistracy today. Four of them were charged with the offences of conspiracy to defraud and conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities under common law, section 300 of the Securities and Futures Ordinance and section 159A and 159C of the Crimes Ordinance and the rest were charged with money laundering related offences.
No plea was taken and the case was adjourned to 4 October 2023. The Court granted bail to them on these conditions: (i) not to leave Hong Kong; (ii) surrender all travel documents; (iii) report to police station on regular basis; and (iv) cash bail ranging from $500,000 to $1 million.
The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said: “We will see to it that suspects of market misconduct are brought to justice and the integrity of Hong Kong’s financial market and the investing public are protected. To this end, we will not hesitate to deploy legal and regulatory tools at our disposal and continue our collaboration with the Police and other law enforcement agencies in combating financial crimes.”
The additional number of suspects charged bring to 20 the total number of people charged following a series of extensive investigations by the SFC and the Police on suspected “ramp-and-dump” stock investment schemes and suspected money laundering activities. In September and November last year, a total of 14 suspects, including the alleged ringleaders and key members of other “ramp-and-dump” syndicates, were charged with various criminal offences. In addition, the SFC has frozen the assets held in the securities trading accounts by members of these alleged syndicates at a total value to the tune of HKD 650 million $82 million).
The Court today was informed that Ms Tse Yiu Chung (previously known as Tse Man Kwan), Mr Wu Hon Cheung, Ms Ng Ka Man and Mr Cheung Chak Ho are alleged to have conspired with a number of individuals, including those who had already been charged last September, to use multiple nominee accounts to corner the shares of two target stocks and drive up the prices of these stocks between September 2018 and April 2019.
The syndicate is alleged to have induced investors to purchase shares in these stocks through social media platforms to facilitate their disposal of shares at a profit. The prices of these stocks collapsed in November 2018 and April 2019 once the demand was exhausted. No further comment will be made as legal proceedings have commenced.
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