Hong Kong SFC Issues Restriction Notices to 13 Brokers for 54 Accounts Related to Social Media Scam

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Hong Kong SFC Issues Restriction Notices to 13 Brokers for 54 Accounts Related to Social Media Scam

19th February 2021 | Hong Kong

Hong Kong Securities and Futures Commission (SFC) has issued restriction notices to 13 brokers in Hong Kong on 54 trading accounts that are related to a suspected social media ramp-and dump scam.  The social media ramp-and dump scam involved the manipulation of a listed company share on the The Stock Exchange of Hong Kong (Hong Kong Exchanges and Clearing ~ HKEX) between September 2020 and November 2020.

Hong Kong Exchanges and Clearing (HKEX) is referred as Hong Kong Exchange or HKEX in this article

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” Hong Kong SFC Issues Restriction Notices to 13 Brokers for 54 Accounts Related to Social Media Scam “

The 13 brokerages are:

• Celestial Securities
• Central China International Securities
• China Industrial Securities International Brokerage
• China Tonghai Securities
• Core Pacific – Yamaichi International
• KGI Asia
• Kingkey Securities Group
• Luk Fook Securities
• Monmonkey Group Securities
• Shanxi Securities International
• Zeus Securities
• Zhongtai International Securities
• Zinvest Global

Hong Kong SFC Restriction Notices to 13 Brokers

The Hong Kong SFC restriction notices prohibit the 13 brokers, without the SFC’s prior written consent, from dealing, processing or procuring another person to transact for the securities or 54 trading accounts.

The 13 brokers are also required to notify the Hong Kong SFC if they receive any of these instructions.  The Hong Kong SFC considers that the issuance of the restriction notices is desirable in the interest of the investing public or in the public interest.

Social Media Ramp-and-Dump Scam

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.

Related:

• Hong Kong & Singapore Regulators Warn Investors of Increased Trading Risks Triggered by Social Media & Online Forums
• Hong Kong SFC Warns of Investment Scams on Social Media Platforms
• Singapore Exchange Issues Alert on Stocks Trading Scam in Chat Groups

Ashley Alder, SFC’s Chief Executive Officer:

“Cracking down on organised investment fraud on online platforms is a high priority.  To avoid falling victim to these scams, the public must be vigilant when offered unsolicited investment advice or tips on social media.”

About Securities and Futures Commission (HK)

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.

We derive our investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees.

Visit: Hong Kong Securities and Futures Commission

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