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Another suspected core member of syndicate charged in ramp-and-dump case

Issue date: 2023-04-17 17:27:31

An additional suspect was charged today, bringing the total number of persons charged in connection with a large-scale and sophisticated syndicate suspected of operating “ramp-and-dump” market manipulation to eight (Note 1).

Mr Leung Chung Yi, a former licensed representative of the SFC, appeared at the Eastern Magistracy today and he was charged with the offences of conspiracy to defraud and conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities under common law, section 300 of the Securities and Futures Ordinance and section 159A and 159C of the Crimes Ordinance.

No plea was taken and the case was adjourned to 4 October 2023.  The Court granted bail to Leung on these conditions: (i) not to leave Hong Kong; (ii) surrender all travel documents; (iii) report to police station on regular basis; and (iv) cash bail of $600,000.

No further comment will be made as legal proceedings have commenced.

End

Note:

1. Please see the press release of the Securities and Futures Commission (SFC) dated 6 April 2023.

Source: SFC