The Securities and Futures Commission (SFC) and the Police have charged six additional suspects, including a ringleader and key members, for criminal offenses related to a “ramp-and-dump” market manipulation scheme. The scheme involved using multiple nominee accounts to corner shares of two target stocks and drive up their prices between September 2018 and April 2019. The suspects are accused of inducing investors to purchase shares on social media platforms to dispose of them at a profit before the stocks’ prices collapsed in November 2018 and April 2019. The SFC has frozen assets worth $650 million held in the securities trading accounts of alleged syndicate members. The suspects were granted bail and the case will resume on October 4, 2023.