Staff reporterThe Securities and Futures Commission has issued restriction notices to 10 brokers, prohibiting them from dealing with or processing certain assets held in 31 trading accounts, which are suspected to be related to a social media ramp-and-dump scam. The scam that happened between November 2021 and June 2022 involved the trading of a listed company's shares, the market watchdog said in a statement yesterday. The brokers are China Industrial Securities International Brokerage, Quam Securities, Futu Securities International (Hong Kong), Imperium International Securities, Lego Securities, Phillip Securities (Hong Kong), Silverbricks Securities Company, uSmart Securities, Valuable Capital, and Webull Securities. The brokers are also required to notify the SFC if they receive any of these instructions. The SFC considers that the issue of the restriction notices is desirable in the interest of the investing public or in the public interest and the investigation is continuing, said the statement.

Source: The Standard April 25, 2023 19:10 UTC