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Wanted core member of ramp-and-dump syndicate arrested

Issue date: 2024-08-05 18:06:40

A suspected core member of a sophisticated ramp and dump syndicate, wanted by the Securities and Futures Commission (SFC) and subject to an arrest warrant since October 2022, was arrested today in a joint operation of the SFC and the Police.

The 55-year-old man, who had been placed on the “Have you seen these people?” on the SFC’s website, was arrested after a report was filed to the SFC (Note 1).

The suspect is detained pending the hearing in the Eastern Magistrates’ Court tomorrow. Eleven other individuals including suspected masterminds connected to the case had been charged earlier.  They will be tried in the District Court (Note 2).

The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said: “The successful arrest of the suspect demonstrates our close collaboration with the Police and the importance of cooperation from the public in providing the SFC with useful information and intelligence to bring suspected wrongdoers to justice.”

“We would also like to urge the public to report to the SFC as soon as possible any suspicious persons who have been placed on the SFC’s watchlist as such information may be helpful in enabling us to carry out further action without delay,” Mr Wilson added.

No further comment on the case will be made at this stage.

End

Notes:

1. The “Have you seen these people?” section on the SFC’s website contains details of individuals who are the subject of arrest warrants or whom the SFC believes have important information that may assist in other enforcement inquiries.
2. Please see the press releases of the SFC dated 30 September 2022, 24 November 2022, 19 June 2024 and 9 July 2024.

News captured as of:2024-08-05 18:06:41

Source: SFC