Retail trader acquitted of market manipulation
28 Mar 2011
The Eastern Magistracy today acquitted a retail trader, Mr Liang Lin, of one offence for false trading following a trial.
The Securities and Futures Commission alleged that Liang intended to manipulate the price of shares in Cardlink Technology Group Limited (Cardlink) on the morning of 2 December 2008.
The Court heard that Liang, a Chinese national, subsequently sold the shares at a higher price so as to meet the minimum investment amount in an application by his son under the Immigration Department’s Capital Investment Entrant Scheme (CIES). Under the CIES, each applicant was required to hold $6.5 million worth of Hong Kong listed securities to be kept in a “specified financial assets” account.
In his short reasons for verdict, Permanent Magistrate Mr Li Kwok Wai found Liang not guilty of the offence and accordingly acquitted Liang of the charge.
Page last updated : 1 Aug 2012