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The first ramp-and-dump case transferred to District Court

Issue date: 2024-02-08 17:37:15

The Eastern Magistrates’ Court today granted an application by the Department of Justice to transfer a ramp-and-dump case brought by the Securities and Futures Commission (SFC) to the District Court.  This is the first time a ramp-and-dump case was transferred to the District Court for criminal prosecution.

The two defendants in the case, Mr Stevens Yip Chi Fai and Ms So Lung Ying, are suspected core members of a sophisticated ramp-and-dump syndicate.  They were charged on 3 August 2023 at the Eastern Magistrates’ Court with the offence of conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities following an extensive investigation of the SFC (Note 1).

The first hearing in the District Court will take place on 27 February 2024.

The Court granted bail to Yip and So on these conditions: (i) not to leave Hong Kong; (ii) surrender all travel documents; (iii) cash bail $500,000 and $50,000 respectively; (iv) reside at the reported residential address and inform Police of any change of residential address.

No further comment will be made as legal proceedings are ongoing.

End

Note:

1. Please see the SFC's press release dated 3 August 2023.

News captured as of:2024-02-08 17:37:16

Source: SFC