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Media & Entertainment

Hong Kong police arrest 15 in Next Digital stock trading ring

Officers allege group pocketed $5.5m by distorting market for publisher's shares

Hong Kong police searched the offices of Next Digital on Aug. 10 in conjunction with the arrest of founder Jimmy Lai and several executives for alleged violations of the city's national security law.    © Reuters

HONG KONG -- Hong Kong police arrested 15 people on Thursday for manipulative trading in the stock of Next Digital, publisher of the feisty Apple Daily newspaper.

The police alleged the group raked in more than 38 million Hong Kong dollars ($5.49 million) in what officers described as a conspiracy to defraud the public. One person was said to have netted more than HK$25 million from the scheme.

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