Four held for fraud, market misconduct

Business | Staff reporter 23 Apr 2021

The Securities and Futures Commission and the police have arrested four people for market misconduct and fraud, including three senior-level managers of a listed company.

This came after regulators conducted a joint operation against suspected operations of ramp-and-dump market manipulation schemes last month.

The latest operation involved a search of the office premises of a Hong Kong-listed company and the residences of its senior executives.

The SFC conducted the search with the police under the Securities and Futures Ordinance for offences related to market manipulation and other market misconduct.

The four people held included three men and one woman aged between 26 and 63.

They were arrested at various locations in the territory for offences of conspiracy to defraud.

They included the three senior executives of the listed company, who allegedly conspired to use bogus transactions to embezzle company funds to the tune of over HK$19 million.

The four have been detained by the police for further inquiries and the investigations are continuing, the SFC said.

Coincidentally, local engineering service provider Hang Yick (1894), whose shares plunged around 90 percent in a single day last year, halted trading yesterday, while local media reports stated that chairman Lee Pui-sun and his family were arrested yesterday.

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