繁

SFC and Police joint operation against listed company and senior executives

Issue date: 2021-04-22 17:56:30

The Securities and Futures Commission (SFC) and Commercial Crime Bureau of the Police today conducted a joint operation against a syndicate suspected of market misconduct and fraud.

Today’s operation was a follow-up to the joint operation on 4 and 5 March 2021 against an active and sophisticated syndicate suspected of operating ramp-and-dump market manipulation schemes (Note 1).  It involved a search of the office premises of a Hong Kong-listed company and the residences of its senior executives.

The SFC conducted the search with the Police under the Securities and Futures Ordinance for offences related to market manipulation and other market misconduct.

Regarding the fraud investigations by the Police, four persons, including three males and one female aged between 26 and 63, were arrested at various locations in the territory for offences of conspiracy to defraud.  They included three senior executives of the listed company who are alleged to have conspired to use bogus transactions to embezzle funds of the company involving over $19 million.  All arrested persons are now detained by the Police for further enquiries.

The joint operation not only demonstrated the seamless collaboration between the SFC and the Police to tackle complex and serious financial crimes, but also underscored their commitment to protect the public and maintain the integrity and the reputation of Hong Kong’s financial markets.

The investigations are continuing.

End

Notes:

1. Please see the SFC’s press release dated 5 March 2021.
2. The joint operation was conducted under the arrangement of the Memorandum of Understanding signed between the SFC and the Police.  Please see the SFC's press release dated 25 August 2017.

News captured as of:2021-05-04 16:13:19

Source: SFC