Court sets trial date for employing a fraudulent scheme in securities transactions in illegal short selling case
Christine Yeung Tak Sum will be tried in the Magistracy for alleged illegal short selling with intent to defraud "with other people unknown".
Court sets trial date for employing a fraudulent scheme in securities transactions in illegal short selling case
Issue date: 2023-11-07 17:04:41
The Eastern Magistrates’ Court has fixed the trial of Ms Christine Yeung Tak Sum for 27 February 2024 to 5 March 2024 after she pleaded not guilty to employing a fraudulent scheme with intent to defraud in securities transactions and illegal short selling (Notes 1 & 2).
This is the first prosecution brought by the Securities and Futures Commission (SFC) in a case where a defendant is accused of employing a fraudulent scheme in securities transactions involving illegal short selling.
The SFC alleges that, between 27 May 2020 and 28 May 2020, Yeung, together with other people unknown, employed a scheme to defraud or to deceive her broker Aristo Securities Limited by, inter alia, submitting a false settlement instructions form to it for her securities transactions.
Yeung was granted bail pending trial.
End
Notes:
- Under sections 170(1) and (4) of the Securities and Futures Ordinance (SFO), it is an offence to sell securities at or through a recognised stock market unless he has a presently exercisable and unconditional right to vest the securities in the purchaser of them, or unless he believes and has reasonable grounds to believe that he has such a right.
- Under section 300 of the SFO, it is an offence to engage in any act, practice or course of business which is fraudulent or deceptive in a transaction involving securities.
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