FLC President Trinh Van Quyet can face the maximum sentence of 7 years in prison?

According to information from the Ministry of Public Security, the Investigation Police Agency of the Ministry of Public Security (C01) conducted an investigation and verification against Mr. Trinh Van QuyetChairman of the Board of Directors of FLC Group Joint Stock Company, individuals of FLC Group Joint Stock Company, BOS Securities Joint Stock Company and related companies for the behavior of “Manipulating the stock market”, “Concealing information in securities activities” occurred on January 10, 2022, causing serious damage to investors, affecting the operation of Vietnam’s stock market.

The above behavior of Trinh Van Quyet, Chairman of the Board of Directors of FLC Group Joint Stock Company, has enough elements to constitute the crime of “manipulating the stock market”, specified in Article 211 of the Penal Code.

Initially, on March 29, 2022, the Police Investigation Agency of the Ministry of Public Security issued the Decision to prosecute the criminal case No. 06/QD-VPCQCSĐT, the Decisions to prosecute the accused, and the arrest warrant for the accused. with Trinh Van Quyet. At the same time, organizing search of residences and workplaces at 21 locations for related subjects.

According to his legal status, Mr. Quyet was only fined

Following the incident, lawyer Phan Ke Hien, Bao Tin Law Firm, said that if Mr. Trinh Van Quyet represented a legal entity (FLC), he would not be jailed, only be fined the highest from 5 billion – 10 billion dong.

“Currently, Mr. Quyet is the Chairman of FLC Group. This group is a legal entity, not an individual. If the legal entity gains illegal profits of 1.5 billion VND or more and causes investors to lose more than 3 billion VND. In addition, legal entities are prohibited from operating in certain fields and from raising capital from 1 to 3, according to Clause 4, Article 211 of the Penal Code 2015.

When Mr. Quyet is arrested, his personal role will probably be considered. If Mr. Quyet’s actions do not go through FLC Group, arbitrarily gain illicit profits for himself and manipulate the market, he will be sentenced to prison. Currently, there is no conclusion from the police agency on Mr. Quyet’s legal or personal status, so it is not possible to confirm,” lawyer Hien analyzed.

Lawyer Phan Ke Hien, Bao Tin Law Firm.

As an individual, Mr. Quyet can be sentenced to 7 years in prison

Meanwhile, lawyer Tran Tuan Anh, of the Minh Bach Law Firm, said that Mr. Trinh Van Quyet was prosecuted by the authorities for the crime of “manipulating the stock market”, as defined in Article 211 of the 2015 Penal Code. , has caused serious damage not only to investors of FLC shares but also to the operation of the entire Vietnam stock market and other investors.

Accordingly, the level of punishment for Mr. Trinh Van Quyet for this crime will be based on the amount of profit earned and the extent of damage to investors.

Specifically, in the case of illegal profits of 1.5 billion VND or more or damage to investors from 3 billion VND, organized crime or dangerous recidivism, the maximum penalty frame is only a fine. fine from 2 to 4 billion VND or imprisonment from 2 years to 7 years.

At the same time, Mr. Quyet may be fined an additional amount of VND 50 million to VND 250 million, banned from holding certain posts or jobs for 1 to 5 years.

Lawyer Tran Tuan Anh, Minh Bach Law Firm.

“The current legal provisions on this crime are very humane, giving violators the opportunity to correct their mistakes. However, it is clear that given the nature and extent of the damage, the amount of illicit profits earned by his actions. According to Trinh Van Quyet, if completed, it can reach thousands of billions of dong, the sanction for this crime is still too low, disproportionate, not enough to deter and prevent crime. will conduct investigation, verify and clarify the specific nature and extent of the behavior so as to give an appropriate level of handling.”Lawyer Tuan Anh said.

Talking about the damage from Mr. Trinh Van Quyet’s case, lawyer Phan Ke Hien further analyzed that Mr. Quyet’s behavior caused too much damage. “Mr. Trinh Van Quyet used deceitful tricks and arbitrarily manipulated the stock market into chaos, seriously affecting the confidence of domestic and foreign investors. This also caused investors to panic. International securities investors lose confidence in the Vietnamese market.”

In order to ensure the healthy and safe development of Vietnam’s stock market, and to attract investors, the authorities must investigate, clarify, and handle strongly against individuals and legal entities that commit acts of fraud. market manipulation or concealment of information in securities activities.

According to Young Intellectuals