3 sophisticated ramp-and-dump cases transferred to District Court
Three sophisticated ramp-and-dump cases transferred to District Court
Issue date: 2024-06-19 18:28:33
The Eastern Magistrates’ Court today granted the applications made on behalf of the Secretary for Justice to transfer three large scale and sophisticated ramp-and-dump cases to the District Court for trial following joint investigations by the Securities and Futures Commission (SFC) and the Police.
The first hearing in the District Court will be held on 9 July 2024.
A total of 18 defendants were charged in the three cases with offences under the Securities and Futures Ordinance and the offences of conspiracy to defraud and money laundering involving the shares of Eggriculture Foods Limited, Fullwealth Construction Holdings Company Limited, and KNT Holdings Limited (Note 1).
The defendants had allegedly organised and executed ramp-and-dump schemes in the shares of the three Hong Kong-listed companies by manipulating the trading of a large volume of those shares through numerous nominee accounts and inducing investors to buy the shares via different social media platforms.
The Court granted bail to each defendant on the following conditions: (i) cash and sureties ranging from $50,000 to $1 million; (ii) not to leave Hong Kong; (iii) surrender all travel documents; (iv) report to police station on a regular basis; and (v) reside at the reported residential address and inform the Police in advance of any change of residential address.
End
Note:
- Please see the press releases of the SFC dated 30 September 2022, 24 November 2022, 4 April 2023, 6 April 2023 and 17 April 2023.
Organisations
- EGGRICULTURE FOODS LTD. 永續農業發展有限公司
- Fullwealth International Group Holdings Limited 富匯國際集團控股有限公司
- KNT Holdings Limited 嘉藝控股有限公司
People
- Chan, Joseph Kai Sun 陳佳申
- Cheng, Benny Wo Biu 鄭和標
- Cheung, Chak Ho 張澤浩
- Cheung, Grace Sau Mei 張秀媚
- Chow, Chi Man (SFC case) 周志民
- Kong, Chan 江珍
- Kwok, Wai Leung (SFC case) 郭偉良
- Lam, Stephen Chi Kwong (SFC case) 林志光
- Lee, Po Ling (SFC case) 李寶平
- Leung, Chung Yi (SFC:AUC726) 梁仲彝
- Ng, Ka Man (SFC case) 吳嘉文
- Tam, Chung Wai (HCAL 191/2021) 譚中維
- Tam, Simon Siu Ki 譚紹祺
- Tam, Siu Hang 譚紹亨
- Tam, Sze Leung 譚思亮
- Tse, Yiu Chung 謝堯中
- Tso, Wai Sum 曹偉深
- Wu, Hon Cheung 胡漢璋
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