The anti-graft agency in Hong Kong has arrested 29 people, reportedly involved in fraudulent trading of derivative warrant issuers.
The director of an investment company, believed to be the architect of
the trading scam offered the arrested traders bribes to maneuver prices
by quoting encouraging bid and ask prices to give him preference in
transactions. It is reported that profits made from the scam is
estimated to be well over HKD100m. The scam involved dozens of
warrants and the amount of daily trading varied from HKD10m to
more than HKD100m.
The anti-graft agency arrested four traders of four derivative warrant
issuers, six securities brokers, and 18 associates of the investment
company's director.
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