The scam employed saw investors encouraged to purchase certain stocks in a bid to inflate their price. Photo: Shutterstock
The scam employed saw investors encouraged to purchase certain stocks in a bid to inflate their price. Photo: Shutterstock

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

The scam employed saw investors encouraged to purchase certain stocks in a bid to inflate their price. Photo: Shutterstock
The scam employed saw investors encouraged to purchase certain stocks in a bid to inflate their price. Photo: Shutterstock
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