Hong Kong justice department says use of US crowdfunding site typical of money laundering
Appledaily, 03 June 2021
Ben Chung, one of the 47 democracy advocates charged with subversion, was denied bail for crowdfunding on an American platform, which the prosecution described as a typical pattern for money laundering.
Chung, the convenor of the Neo Democrats and a district councilor, was charged with “conspiracy to commit subversion” under the national security law for participating in an unofficial primary election for the Legislative Council last summer.
According to the written ruling released on Thursday, High Court judge Esther Toh refused his bail application as the 32-year-old set out the link for the public poll’s fundraising campaign on the American site GoGetFunding and was one of three signatories to operate the bank account for Power for Democracy, the organizer of the opposition primaries. Continue reading “Article: Hong Kong justice department says use of US crowdfunding site typical of money laundering”
Coffee’s for Closers: How a Short Seller’s Warning Helped Take Down Luckin Coffee
Jing Yang in Hong Kong, Juliet Chung in New York and Julie Steinberg in London, 23 June 2020
In January, days after the shares of Luckin Coffee Inc. hit a record high on the Nasdaq Stock Market , giving the company a $12 billion valuation, a cryptic email arrived in the inboxes of multiple short sellers. “A new generation of Chinese Fraud 2.0 has emerged,” it said. “Companies that start off as fundamentally and structurally flawed business model [sic] that evolves into fraud.” The author offered to share customer receipts and videos from Luckin Coffee outlets, attached a long report about the company and said the short sellers could publish and take credit for it. Continue reading “Article: Coffee’s for Closers: How a Short Seller’s Warning Helped Take Down Luckin Coffee”
South Korea exchange ups scrutiny of Merrill Lynch trading
Song Jung-a, Emma Dunkley
Financial Times, 21 August 2018
South Korea’s stock exchange has stepped up its monitoring of high-frequency trading by the Seoul branch of Bank of America Merrill Lynch after local investors complained about alleged unfair stock trades by the US brokerage.
The scrutiny comes after individual local investors filed petitions to the presidential office, saying they suffered huge losses due to large, high-frequency trades and bets against South Korean stocks through the brokerage since last year.
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