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Case consolidation for first ramp-and-dump criminal prosecution at District Court

Issue date: 2024-04-25 17:57:02

The District Court today granted an application by the Department of Justice to consolidate an existing ramp-and-dump case involving a highly sophisticated syndicate with another case transferred from the Eastern Magistrates’ Courts.

The three defendants of the consolidated case – Mr Stevens Yip Chi Fai, Ms So Lung Ying, and Mr Lau Ka Wing – were charged with conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities following an extensive investigation by the Securities and Futures Commission (Note 1).  Yip, So and Lau are suspected core members of the syndicate.

All three defendants appeared at the District Court today.  No plea was taken and the case was adjourned to 25 July 2024.

The Court granted bail to Yip, Lau and So on these conditions: (i) not to leave Hong Kong; (ii) surrender all travel documents; (iii) pay cash bail of $500,000, $400,000 and $50,000 respectively and (iv) reside at the reported residential address and inform the police of any change of residential address.

Note:

1. Please see the SFC’s press releases dated 3 August 2023, 29 January 2024, 8 February 2024 and 27 February 2024.

 

News captured as of:2024-04-25 17:57:02

Source: SFC