Securities fraud and illegal short selling case transferred to District Court


The Eastern Magistracy has transferred the case against four defendants to the District Court for trial. The charges include fraud and illegal short selling. The trial is adjourned until September 7, 2023, and the defendants have been released on bail with the same conditions as before. The case originated from a joint operation by the Securities and Futures Commission (SFC) and the Police, aimed at addressing social media ramp-and-dump activities. According to the SFC’s investigation, the defendants allegedly engaged in illegal short selling by misleading the selling broker about their ownership of shares when placing orders. Due to the ongoing legal proceedings, no further comments will be provided.



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