Eight people, including the suspected ringleader of a ‘ramp-and-dump’ syndicate, have been arrested in Hong Kong for making illegal gains of HK$191 million (US$24.3 million).
Hong Kong police, stock regulator freeze HK$900 million, arrest 12 in joint crackdown on ‘ramp and dump’ investment scam
The first-ever joint operation saw 27 locations raided by more than 160 law enforcers and staff from the Securities and Futures Commission
Well-known investment advisers were impersonated in some instances as victims were encouraged to buy various stocks to inflate their prices