SFC freezes accounts at 5 brokers, suspects market manipulation
The stock which was allegedly manipulated between Sep-2020 and Oct-2020 is not named. The total amount targeted in the Restriction Notices is HK$153.78m. We note that one of the brokers, Realord Asia Pacific Securities Ltd, is owned by Realord (1196), which we consider is in a bubble. 3 of the brokers (Realord, AMC Wanhai and Eddid) were in the top 7 CCASS Participants in that stock at 30-Sep-2020.
Further information
SFC issues restriction notices to five brokers to freeze client accounts linked to suspected market manipulation
Issue date: 2021-01-26 17:50:01
The Securities and Futures Commission (SFC) has issued restriction notices to AMC Wanhai Securities Limited, Eddid Securities and Futures Limited, Freeman Securities Limited, Realord Asia Pacific Securities Limited and Solomon JFZ (Asia) Holdings Limited, prohibiting them from dealing with or processing certain assets held in 12 trading accounts related to suspected market manipulation in the shares of a company listed on the Stock Exchange of Hong Kong Limited between September 2020 and October 2020 (Note 1).
The restriction notices prohibit them, without the SFC’s prior written consent, from disposing of or dealing with, or assisting, counselling or procuring another person to dispose of or deal with, any assets in any way in the trading accounts up to a certain amount, including: (i) entering into transactions in respect of any securities; (ii) processing any withdrawals or transfers of securities and/or cash or any transfers of money arising from the disposal of securities; (iii) disposing of or dealing with any securities and/or cash on the instructions of any authorized person of the accounts or any person acting on their behalf; and (iv) assisting another person to dispose of or deal with any relevant property in a specified manner. The brokers are also required to notify the SFC if they receive any of these instructions.
The SFC considers that the issue of the restriction notices is desirable in the interest of the investing public or in the public interest.
The SFC’s investigation is continuing.
End
Note:
- The SFC issued the restriction notices pursuant to sections 204 and 205 of the Securities and Futures Ordinance.
Organisations
- Arta Global Markets Limited 裕承環球市場有限公司
- Eddid Securities and Futures Limited 艾德證券期貨有限公司
- Fortune Origin Securities Limited 富中證券有限公司
- Realord Asia Pacific Securities Limited 偉祿亞太證券有限公司
- Realord Group Holdings Limited 偉祿集團控股有限公司
- Solomon JFZ (Asia) Holdings Limited 華贏東方(亞洲)控股有限公司
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