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A suspected ringleader of a sophisticated ramp-and-dump syndicate appeared at the Eastern Magistracy today and was charged with various criminal offences stemming from an earlier joint operation of the Securities and Futures Commission (SFC) and the Police. Thirteen other people were charged in connection with the case earlier (Note 1).
An arrest warrant for Mr Tam Siu Ki was issued by a Magistrate on 3 October 2022 and he was subsequently placed on the list of “Have you seen these people?” on the SFC’s website.
Tam was charged with the offences of conspiracy to defraud and conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities under common law, section 300 of the Securities and Futures Ordinance and section 159A and 159C of the Crimes Ordinance.
He was also charged with the offence under section 25 of the Organized and Serious Crimes Ordinance for dealing with property known or believed to represent proceeds of indictable offence.
No plea was taken and the case was adjourned to 17 April 2023. Tam was released on $1 million bail on the conditions that he must not leave Hong Kong; surrenders all travel documents and reports to police station on a regular basis.
Note:
- Please see the SFC's press releases dated 30 September 2022 and 5 March 2021.
