The District Court has approved a request from the Department of Justice to consolidate two separate cases involving a ramp-and-dump scheme. The first case involves a sophisticated syndicate, while the second case was transferred from the Eastern Magistrates’ Courts. The three defendants in the consolidated case, namely Mr. Stevens Yip Chi Fai, Ms. So Lung Ying, and Mr. Lau Ka Wing, have been charged with conspiracy to employ a scheme with the intent to defraud or deceive in securities transactions. The charges stem from an extensive investigation conducted by the Securities and Futures Commission, with Yip, So, and Lau believed to be key members of the syndicate.
During the court hearing, all three defendants made appearances. No pleas were entered, and the case was adjourned until July 25, 2024. Bail was granted to Yip, Lau, and So under certain conditions, which include not leaving Hong Kong, surrendering all travel documents, paying cash bail amounts of $500,000, $400,000, and $50,000, respectively, and residing at their reported residential addresses while promptly informing the police of any change in residential address.
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