The Eastern Magistrates’ Court today convicted Ms Christine Yeung Tak Sum, an unemployed retail trader, after she pleaded guilty to securities fraud involving illegal short selling in proceedings brought by the Hong Kong Securities and Futures Commission (SFC).
The conviction of Yeung of a charge of employing a fraudulent scheme with intent to defraud in transaction involving securities under section 300 of the Securities and Futures Ordinance (SFO) in the context of illegal short selling is first-of-its-kind. This case stemmed from a ramp-and-dump investigation during which the SFC discovered that Yeung had engaged in a fraudulent scheme to commit the offence.
Yeung was remanded in custody pending sentencing on 20 March 2024.
The Court heard that, on 28 May 2020, Yeung submitted a settlement instruction form to her broker Aristo Securities…
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