The Securities and Futures Commission of Hong Kong has obtained court injunctions to freeze approximately $600,000 in bank accounts suspected of receiving monies from investors in what it suspects to be boiler-room frauds.

The Court of First Instance has also granted the SFC’s application for interim orders (orders that stay in place until the court makes 'final orders' at a trial or the prosecution and defence make such orders by bargaining) to restrain the following entities from "holding themselves out as carrying on regulated activities whilst unlicensed" and suspending their websites:

• Waldmann Asset Management (Waldmann) using the website www.waldmann-asset-management.com
• Doyle Hutton Associates (Doyle) using the website www.doyle-hutton-associates.com
• Cardell Limited and/or Cardell Company Limited (Cardell) using the website www.cardell-limited.com

The orders protect the monies in bank accounts held by Cardan Ltd, Cedan Limited, Hamtron Ltd and Mutual Hope Ltd, which allegedly hold the proceeds of unlicensed or boiler room activities being carried out by Waldmann, Doyle and Cardell. They will remain in force until the hearing of the SFC’s application for final orders against all the parties, the date of which has yet to be fixed. The operative statute was s213 Securities and Futures Ordinance in which the SFC is seeking final orders against Waldmann, Doyle and Cardell (including permanent injunctions) and other orders to provide relief to any victims who might have suffered.