HONG KONG -- Hong Kong police arrested 12 people for running alleged"ramp and dump” stock scams and over money laundering after raids on luxury homes and brokerages across the city.
The alleged crimes involve so-called"ramp and dump” schemes, where a stock is bid up and then touted on social media before it’s sold, leaving other investors with losses. The scam targeted people both in Hong Kong and the Chinese mainland. Companies used in the scams are the typical targets, listed firms in traditional industries with a low share price and very thin trading, Ashley Alder, SFC’s chief executive officer, said at the briefing.
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