U.S. Attorney Announces Recovery of $19.5 Million in China-Linked Pump-and-Dump Cases

Attorney for the Southern District of New York, Jay Clayton, and FBI Special Agent in Charge of the Nashville Field Office Terence G. Reilly announced the filing of two civil forfeiture complaints tied to more than $19.5 million in cash and stock.

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The complaints target assets allegedly obtained through pump-and-dump market manipulation schemes. The cases involve CTRL Group Limited and Dreamland Limited, both identified as Hong Kong-based companies listed on the Nasdaq stock exchange.

The announcement says the schemes involved China-based pump-and-dump activity, but it does not provide further detail on the mechanics of the manipulation or any additional defendants. The action is civil forfeiture, not a criminal charge in the text provided.

No arrests, seizures beyond the forfeiture complaints, victim counts, or timelines are stated. The only specified amount is more than $19.5 million in cash and stock, which the announcement says is linked to the alleged schemes.

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