A suspected core member of a ramp-and-dump syndicate was charged with conspiracy to defraud at the Eastern Magistracy following his arrest by the Securities and Futures Commission (SFC) and the Police. He had been wanted since October 2022. Cheng is connected to a case involving 11 syndicate members, including suspected masterminds, who are set to be tried in the District Court. No plea was entered, and the case was adjourned to 8 October 2024. Cheng was released on bail with conditions: a $500,000 cash bail and a travel restriction prohibiting him from leaving Hong Kong. Further comments are withheld as legal proceedings are underway.
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