Playing Tennis with Stock is Illegal

Trader Stephen Lee Sing Wai and an accomplice opened up 14 trading accounts with 8 brokers and traded the stock of Essex Bio-Tech back and forth. They were trying to drive the price higher by increasing the volume and attracting attention. It worked and the stock rose 120% over the course of 6 weeks. Unfortunately, they were caught and have been sent to jail. It was a major win for the Securities and Futures commission because the Hong Kong regulators have been pushing for harsher sentences.