First ramp-and-dump criminal prosecution at District Court commences

First ramp-and-dump criminal prosecution at District Court commences

Issue date: 2024-02-27 16:15:00

The first ramp-and-dump case for criminal prosecution at the District Court began today in proceedings brought by the Securities and Futures Commission (SFC) involving a highly sophisticated ramp-and-dump syndicate.

The two defendants in the case, Mr Stevens Yip Chi Fai and Ms So Lung Ying, are suspected core members of the 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 by the SFC.  An application was granted to transfer the case to the District Court on 8 February 2024 (Note 1).

No plea was taken from Yip and So and the case was adjourned to 25 April 2024, as the prosecution intends to apply for consolidation with another case to be heard together at the District Court.  The defendant in the other case, Mr Lau Ka Wing, was previously charged with the same offence as Yip and So at the Eastern Magistrates’ Court (Note 2).

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



  1. Please see the SFC’s press releases dated 3 August 2023 and 8 February 2024.
  2. Please see the SFC’s press release dated 29 January 2024.
News captured as of:2024-02-27 23:31:59

Source: SFC



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