Hong Kong SFC & Police Arrested 12 People Suspected of Ramp & Dump Manipulation Schemes

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Hong Kong SFC & Police Arrested 12 People Suspected of Ramp & Dump Manipulation Schemes

5th March 2021 | Hong Kong

The Hong Kong Securities and Futures Commission (SFC) and Police have arrested 12 people who are suspected of operating ramp-and-dump manipulation schemes of targeted stocks.  Prior to the operations, the SFC had already issued 16 Restriction Notices and froze 63 securities accounts totalling $110.7 million (HKD 860 million) that are suspected to belong to the syndicate members.

” Hong Kong SFC & Police Arrested 12 People Suspected of Ramp & Dump Manipulation Schemes “

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Ramp and Dump Schemes

These schemes drive up the share prices of target stocks and then induce unwary investors via social media platforms to buy shares at artificially high prices. Syndicates then sell shares in a manner which nets them substantial profits whilst leaving innocent victims with substantial financial losses.

12 people including suspected ringleaders of the syndicates, were arrested on the 4th March 2021 during a joint search of 27 premises across Hong Kong by more than 160 officers of Hong Kong SFC and the Police.

Hong Kong SFC

• The case was referred to the Hong Kong Police because of the scale of suspected fraud and money laundering offences, in addition to specific market misconduct offences under the Securities and Futures Ordinance.
• Prior to the joint operation, the SFC issued 16 Restriction Notices and froze 63 securities accounts with $110.7 million (HKD 860 million), that is suspected to belong to the syndicate members.

HK SFC Chief Executive Officer, Ashley Alder:

“The SFC is determined to eliminate these ramp and dump schemes which cause harm and distress to those members of the public who are duped by fraudsters. In doing so we will not hesitate to use all the enforcement and supervisory tools at our disposal as well as working closely with the Police. Our joint operation underscores our shared commitment to eradicate serious misconduct to protect the public and maintain the integrity of our market.

Cracking down on these schemes is one of SFC’s top enforcement priorities this year. These schemes also underscore the importance of investor education. The SFC has been working closely with the Police’s Anti-Deception Coordination Centre on a series of investor education campaign events which are continuing”

Hong Kong SFC Official Press Release:

” The SFC’s investigation also highlighted that the vehicles used by the fraudsters to perpetrate ramp and dump schemes are typically small listed companies with a low share price coupled with very thin trading. These companies become targets for fraud as their shares are easier to corner and their share prices can be manipulated with relatively small cash outlays.

Investors should stay vigilant and make informed investment decisions instead of relying on stock tips circulating in chat groups or on social media platforms.”

Related:

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

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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