Authorities in Hong Kong and Singapore cooperated in a first-of-its-kind operation and arrested 10 individuals in both financial hubs over market manipulation.
The operation involved the Securities and Futures Commission (SFC), the Monetary Authority of Singapore and police forces from both cities, according to a statement, to combat cross-border ramp-and-dump scams – a form of market manipulation involving pumping up shares before dumping them to investors at an artificially inflated price.
33 premises in Hong Kong and Singapore were searched by more than 190 officers in the four agencies resulting in 10 arrests which included individuals believed to be the key members of the syndicate and their associates and some senior executives of Hong Kong-listed companies.
«Tackling investment fraud and scams on online platforms, such as social media ramp-and-dump schemes, remains a top enforcement priority of the SFC,» said SFC executive director of enforcement Thomas Atkinson. «To this end, the SFC will continue to deploy all the enforcement and supervisory tools at its disposals as well as collaborating with other local and overseas law enforcement agencies and regulatory counterparts.»
