False trading of shares of six Hong Kong-listed companies, individual investors sentenced to 220 hours of community service order.

The Eastern Magistrates' Court in Hong Kong has ruled that after earlier criminal prosecution by the Securities and Futures Commission of Hong Kong, Wu Jiayi (male) was found guilty of engaging in fraudulent trading of shares in six Hong Kong listed companies and has been sentenced today to 220 hours of community service. The court also ordered Wu to pay a fine of HK$117,715, which is equal to the total amount of profits he made from his fraudulent trading activities, and to pay the full investigation fee of HK$199,669 to the Securities and Futures Commission of Hong Kong. Between September 20, 2022, and October 24, 2024, Wu artificially inflated the prices of shares through "pump and dump" schemes and wash trades to profit from them. He issued and canceled multiple trade instructions at continually inflated prices and simultaneously traded between multiple securities accounts in the roles of both buyer and seller. Presiding Magistrate Chu Chung-keung emphasized the seriousness of Wu's crimes during sentencing, and the court had considered imposing immediate imprisonment. However, after reviewing the suitability report from the probation officer, the court decided to impose a community service order, hoping that Wu would make good use of the opportunity to reform. Mr. Michael Duignan, Executive Director of Enforcement of the Securities and Futures Commission, said: "Fraudulent trading undermines investors' confidence in the market. The Securities and Futures Commission of Hong Kong will take decisive action against such misconduct to protect market participants and maintain the integrity and stability of the Hong Kong securities market."