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Ramp-and-dump case against surrendered fugitive transferred to District Court

Issue date: 2024-11-08 16:30:00

The Eastern Magistrates’ Courts today granted an application by the Department of Justice (DoJ) to transfer to the District Court a case brought by the Securities and Futures Commission (SFC) against a surrendered fugitive Ms Chan Sin Ying for alleged securities fraud.

Chan, a fugitive offender surrendered from Singapore to Hong Kong on 3 October 2024, is a suspected core member of a highly sophisticated ramp-and-dump syndicate and was charged the following day at the Eastern Magistrates’ Courts with the offence of conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities, contrary to section 300 of the Securities and Futures Ordinance and sections 159A and 159C of the Crimes Ordinance. Chan was suspected to have conspired with Mr Stevens Yip Chi Fai, Mr Lau Ka Wing, Ms So Lung Ying and other persons in an alleged ramp-and-dump scheme involving the shares of Wan Cheng Metal Packaging Company Limited (Note 1).

When Chan’s first mention hearing at the District Court is held on 28 November 2024, the DoJ will make an application to consolidate her case with the case against Yip, Lau and So (Note 2).

Chan was ordered to be remanded in custody at the Eastern Magistrates’ Courts when her bail applications were dismissed on 4 October 2024 and on 10 October 2024.

Chan’s further application for bail in the Court of First Instance was heard on 17 October 2024 and the Court granted her bail on the following conditions: (i) cash bail of $400,000; (ii) sureties of a total of $300,000; (iii) not to leave Hong Kong; (iv) surrender all travel documents; (v) reside at the reported residential address; (vi) report to police station on a regular basis; and (vii) not to contact any prosecution witness.

At today’s hearing, Chan was granted bail on the same terms.

End

Notes:

1. Please see the SFC’s press release dated 4 October 2024.
2. Please see the SFC’s press releases dated 3 August 2023, 29 January 2024, 8 February 2024, 27 February 2024 and 25 April 2024.

News captured as of:2024-11-08 16:30:00

Source: SFC