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Hong Kong Court Schedules Trial Date in 2025 December for 4 Individuals in Securities Fraud by Deceiving CVP Securities in Owning Shares via Illegal Short-Selling & Profiting $423,000, 4 Individuals Involved in Social Media Ramp & Dump Activities Had Pleaded Guilty to Illegal Short Selling But Not Guilty to Securities Fraud
13th September 2024 | Hong Kong
A Hong Kong court has scheduled trial date in 2025 December for 4 individuals in securities fraud by deceiving CVP Securities in owning shares via illegal short-selling & profiting $423,000 (HKD 3.3 million). The 4 individuals (Li King Hong, Chan Ngai See, Lam Hin Fai & Betty Hui Pui Yan) involved in social media ramp & dump activities had pleaded guilty to illegal short selling but not guilty to securities fraud. Hong Kong SFC (12/9/24): “The District Court today fixed the trial of Mr Li King Hong, Ms Chan Ngai See, Mr Lam Hin Fai and Ms Betty Hui Pui Yan for 8 to 17 December 2025 after they pleaded not guilty to offence of fraud (Note 1). The four defendants pleaded guilty to the alternative offence of illegal short selling (Note 2). It is alleged that between 23 June 2020 and 9 September 2020, the four defendants deceived an account executive at CVP Securities Limited (CVP) on several occasions by falsely claiming ownership of certain shares with an intent to defraud and induce CVP to place selling orders for those shares. This resulted in benefit of $3.3 million to the four defendants or in prejudice or a substantial risk of prejudice to CVP (Note 3). This case stemmed from a joint SFC-Police operation against suspected investment scams including social media ramp-and-dump activities. The defendants were prosecuted by the Department of Justice. The four defendants were granted bail pending trial. The bail conditions included not leaving Hong Kong and surrender of all travel documents (Note 4).”
“ Hong Kong Court Schedules Trial Date in 2025 December for 4 Individuals in Securities Fraud by Deceiving CVP Securities in Owning Shares via Illegal Short-Selling & Profiting $423,000, 4 Individuals Involved in Social Media Ramp & Dump Activities Had Pleaded Guilty to Illegal Short Selling But Not Guilty to Securities Fraud “
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Notes:
- Under section 16A of the Theft Ordinance, it is an offence for a person by any deceit and with intent to defraud induces persons to commit an act or make an omission which results in benefit to anyone else or in prejudice or a substantial risk of prejudice to another person. The maximum penalty on indictment is 14 years of imprisonment.
- Under section 170(1) of the Securities and Futures Ordinance, it is an offence for a person to sell securities at or through a recognized stock market when he does not have, or does not believe or does not have reasonable grounds to believe that he has, a presently exercisable and unconditional right to vest the securities in the purchaser of them.
- Li, Chan, Lam and Hui were respectively charged with nine, two, three and four counts of fraud and/or alternative counts of illegal short selling.
- Please refer to the SFC’s press releases dated 23 June 2023 and 18 August 2023 for details.
Hong Kong Court Schedules Trial Date in 2025 December for 4 Individuals in Securities Fraud by Deceiving CVP Securities in Owning Shares via Illegal Short-Selling & Profiting $423,000, 4 Individuals Involved in Social Media Ramp & Dump Activities Had Pleaded Guilty to Illegal Short Selling But Not Guilty to Securities Fraud
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