Hong Kong authorities have arrested another five syndicate members involved in a multi-million dollar ramp-and-dump scheme.
Hong Kong’s Securities and Futures Commission (SFC), along with the Independent Commission Against Corruption (ICAC), conducted a joint operation that resulted in the arrest of five more members of a ramp-and-dump syndicate, according to a statement.
The five «key members» of the syndicate include qualified accountants and senior executives of a number of Hong Kong-listed companies.
Earlier in November 2022, the two agencies arrested eight people, including a suspected ringleader and other key syndicate members.
Ramp-And-Dump
According to the statement, the syndicate was involved in market manipulation involving HK$191 million ($24 million) of illicit gains through «a complex shareholding network of Hong Kong-listed companies». Other criminal offenses include perverting the course of public justice and obstructing the SFC’s investigations.
«The joint operation demonstrated our determination to tackle any form of corruption-facilitated market misconduct», said Christopher Wilson SFC’s executive director of enforcement.
