繁

Ramp-and-dump suspect arrested for breaches of court bail conditions

Issue date: 2023-05-18 19:24:57

The Eastern Magistracy has imposed more stringent bail conditions on Ms Tse Yiu Chung (formerly known as Tse Man Kwan), who is a defendant charged with offences relating to certain “ramp-and-dump” schemes, after the Securities and Futures Commission (SFC) discovered that she does not reside at her reported residential address during the investigation of another case.

Tse was arrested by the Police for breaching the bail conditions imposed on her by the Court.  She was brought to the Eastern Magistracy on 17 May 2023.  At the hearing, the Court was told that Tse had reported an incorrect residential address to the Court and failed to report to the police station on several occasions, in breach of her various bail conditions imposed by the Court at the last mention hearing on 4 April 2023 (Note 1).

The Court imposed stricter bail conditions on Tse: (i) cash bail was increased from $1 million to $1.5 million; (ii) requirement to report to police station made daily instead of weekly; and (iii) comply with curfew order to stay at the new reported residential address from 12 am to 6 am.

So far a total of 24 individuals were charged, following a series of extensive investigations by the SFC and the Police into suspected ramp-and-dump stock investment schemes and suspected money laundering activities.  The case was adjourned to 4 October 2023 (Note 2).

The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said: “We will continue our close collaboration with the Police in combating financial crimes, including “ramp-and-dump” market manipulation. To this end, we also remind investors to stay vigilant when they are solicited by unknown individuals through social media, and be wary of fraudsters impersonating well-known market commentators and tricking investors into trading thinly-traded listed stocks with dubious stock tips”.

End

Notes:

1. Please see the press release of the SFC dated 4 April 2023.
2. Please see the press release of the SFC dated 21 April 2023.

News captured as of:2023-05-18 19:24:57

Source: SFC