Hong Kong SFC & Police Conducted Joint Operation on Illegal Short-Selling & Fraud to Mislead 2 Brokerage Firms, Shorted 4 Hong Kong Listed Companies w
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Hong Kong SFC & Police Conducted Joint Operation on Illegal Short-Selling & Fraud to Mislead 2 Brokerage Firms, Shorted 4 Hong Kong Listed Companies with $2.26 Million Value of Shares Over 6 Days & Earned $1.34 Million Profits 31st May 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) and the Commercial Crime Bureau of the Police have conducted a joint operation on an individual conducting illegal short-selling and fraud to mislead 2 brokerage firms, with the individual shorting 4 Hong Kong listed companies with $2.26 million (HKD 17.7 million) value of shares over 6 days and earning $1.34 million in profits (HKD 10.5 million). Hong Kong SFC: “The Securities and Futures Commission (SFC) and the Commercial Crime Bureau of the Police conducted a joint search operation today against an individual who is based in Hong Kong and suspected of engaging in illegal short selling and fraudulent activities (Notes 1 & 2). The individual was arrested by the Police in the joint operation on suspicion of “dealing with property known or believed to represent proceeds of indictable offence”. The SFC’s investigation revealed that the individual might have been involved in using fabricated trading statements to mislead two brokerage firms into executing various illegal short sell orders relating to shares of four Hong Kong-listed companies. The fabricated trading statements showed that the individual held shares in the four listed companies, when in fact he did not (Note 3). The suspected short selling took place on six trading days and the total proceeds from selling the shares of the four listed companies reached $17.7 million. On the same trading days, the individual bought the shares back in the same quantity but at lower prices and obtained illicit profits of approximately $10.5 million. The SFC’s investigation is ongoing.”
“ Hong Kong SFC & Police Conducted Joint Operation on Illegal Short-Selling & Fraud to Mislead 2 Brokerage Firms, Shorted 4 Hong Kong Listed Companies with $2.26 Million Value of Shares Over 6 Days & Earned $1.34 Million Profits “
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