Hong Kong SFC and Police Searched Listed Company Office & Residences for $57.9 Million Corporate Fraud, Arrests 2 for Money-Laundering
3rd September 2021 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) and Commercial Crime Bureau of the Police has conducted a joint operation against a Hong Kong-listed company and its former senior executives suspected of a series of corporate fraud related offences involving a total of $57.9 million, and arrested 2 persons aged 53 and 61 for offences of conspiracy to defraud, theft and money-laundering. The 2 arrested are alleged to have conspired with other persons to conduct fictitious transactions and/or misappropriate funds from the listed company and are now being detained for further enquiries. The operation involved a search of the office premises of the listed company and the residences of its former senior executives.
” Hong Kong Searched Listed Company Office & Residences for $57.9 Million Corporate Fraud, Arrests 2 for Money-Laundering “
Hong Kong SFC: Tackle Complex and Serious Financial Crimes
The Hong Kong SFC conducted the search with the Police under the Securities and Futures Ordinance for offences related to corporate fraud, disclosing false or misleading information and other misconduct. The joint operation demonstrated the seamless collaboration between the Hong Kong SFC and the Police to tackle complex and serious financial crimes as well as their commitment to protect the public and maintain the integrity and the reputation of Hong Kong’s financial markets.
- Hong Kong SFC 2021 Q2 Report: Actions on Market Misconduct, $640,000 Fines, 47527 Licensees, ESG Guidelines for Asset Managers
- Hong Kong SFC & ICAC Arrests Former Senior Executive of Listed Company for Suspicious Loan Activities
- Hong Kong SFC to Require Investor Identification for Securities Trading in 2022, Reporting of OTC Transactions in 2023
- Hong Kong SFC Fines UBS $1.49 Million for Failure to Disclose Conflict of Interests, Risks and to Qualify Clients
- Hong Kong SFC 2020 Report: Asset and Wealth Management in Hong Kong
- Hong Kong SFC and Corruption Agency ICAC Crackdown on Stock Manipulation, Arrest Listco & Search IPO Underwriter
- Hong Kong SFC: Police Arrested 12 People Suspected of Ramp & Dump Manipulation Schemes
- Hong Kong SFC Issues Restriction Notices to 13 Brokers for 54 Accounts Related to Social Media Scam
- Hong Kong & Singapore Regulators Warn Investors of Increased Trading Risks Triggered by Social Media & Online Forums
- Hong Kong SFC Warns of Investment Scams on Social Media Platforms
- Singapore Exchange Issues Alert on Stocks Trading Scam in Chat Groups
- Nomura, UBS and Unicredit Fined $451 Million for Rigging European Bond Prices
- United States SEC Gives Record $114 million to a Single Whistleblower
- Ant Group $300 Billion Record IPO Suspended in both Shanghai and Hong Kong Exchange
- United States SEC Fines Under Armour $9 Million for Misleading Investors on Revenue Growth in 2015
- Alibaba Fined $2.78 Billion by China State Regulator for Anti-Monopoly Practices
- Swiss Private Bank Julius Baer to Pay $79.7 Million Fine for Laundering $36 Million of FIFA Football Bribes
- Julius Baer Reaches $79.7 Million Settlement for Role in FIFA Corruption Events
- Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States
- Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
- Malaysia AmBank Group to Pay $700 Million for all 1MDB Claims to Malaysia Government
- Goldman Sachs to Pay $3.9 Billion to Malaysia to Resolve 1MDB Criminal and Regulatory Proceedings
The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.
We derive our investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees.