HONG KONG (Bloomberg) -- Hong Kong police arrested 12 people for running alleged "ramp and dump” stock scams and over money laundering after raids on luxury homes and brokerages across the city.
The joint operation with the Securities and Future Commission seized HK$900 million (US$116 million) in assets and arrested 7 men and 5 women, the police announced at a press briefing on Friday. They are being held on market manipulation, money laundering and fraud charges.
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