On March 29, the Police Investigation Agency of the Ministry of Public Security issued a Decision to prosecute the accused and a provisional detention order for Trinh Van Quyet – Chairman of the Board of Directors of the FLC Group Joint Stock Company on charges of market manipulation. market.
Mr. Trinh Van Quyet tried and arrested for manipulating the stock market
Accordingly, the investigative agency is investigating and verifying Mr. Trinh Van Quyet and individuals from the FLC Group Joint Stock Company, BOS Securities Joint Stock Company and related companies for the actions of “manipulating the stock market”, “hiding information in securities activities” that occurred on 10 January 2022, caused serious losses to investors and affected the operations of the Vietnamese stock market.
Regarding the case, talking to PV, Doctor – Lawyer (TS.LS) Dang Van Cuong, Head of Chinh Phap Law Firm, said that in order to avoid the case of someone manipulating the stock market, the law The law has regulations to regulate this market, create transparency, fairness and equity in the marketplace. Therefore, illegal actions in the stock market can have a negative impact on the market, violate the legitimate rights and interests of investors, and affect the management of the country.
Dr. LS Dang Van Cuong – Head of Law Office
In the event that the act of manipulating the stock market results in an illegal profit of 500 million VND or more or causes a loss to investors of 1 billion VND or more, the violator will be investigated for criminal liability in accordance with the crime “Manipulating the stock market”. This act carries a maximum penalty of up to 7 years in prison and a fine of up to 4 billion VND depending on the seriousness of the crime. For commercial legal entities, committing this crime can be fined up to 10 billion VND, or even permanently stop operations if the offense is serious.
“Thus, in order to charge a person with the crime of manipulating the stock market, the investigator must collect documents and evidence to prove that the person has committed any of the offenses of law that cost another person 1 billion VND or more or illegally earned 500 million VND or more”, said Dr. LS Cuong.
The crime of capital market manipulation is regulated in Article 211 of the Criminal Code as follows:
1. Those who take any of the following actions to obtain illegal profits from VND 500,000,000 to below VND 1,500,000,000 or cause loss to investors from VND 1,000,000,000 to under VND 3,000,000,000, will be fined from VND 500,000. 000 to VND 2,000,000,000 or imprisonment for 06 months to 03 years:
a) Use one or more trading accounts belonging to themselves or others or colluding with each other to continue buying and selling securities to create artificial supply and demand;
b) Collusion with others to place orders for buying and selling of the same securities on the same trading day or collude with each other to trade securities without resulting in the actual transfer of ownership or only rotating ownership between group members to create artificial security prices, supply and demand;
c) Continuously buying or selling securities with a dominant volume at the time of market opening or closing to create new closing or opening prices for these types of securities in the market;
d) trading securities in the form of conspiracy, persuading others to continue ordering and selling securities, greatly influencing supply and demand and the price of securities, manipulating the price of securities;
dd) Giving opinions directly or indirectly through the mass media regarding a type of securities, regarding the issuer of securities to influence the price of that type of securities after making a decision to trade and hold positions in said securities;
e) Using methods or performing other trading behaviors to create artificial supply and demand, and manipulate the price of securities.
2. Committing a crime in any of the following circumstances, the violator will be subject to a fine of between VND 2,000,000,000 and 4,000,000,000 or a prison sentence of between 02 and 07 years:
a) Organized;
b) Gaining illegal profits of VND 1,500,000,000 or more;
c) Cause damage to investors 3,000,000,000 VND or more;
d) dangerous recidivism.
3. Violators may also be subject to a fine of between VND 50,000,000 and 250,000,000, prohibition from holding certain positions, carrying out certain professions or doing certain jobs for one to five years.
4. A commercial legal entity that commits a criminal act as referred to in this Article shall be punished as follows:
a) Committing a crime in the cases specified in Clause 1 of this Article, the violators will be subject to a fine of between VND 2,000,000,000 and 5,000,000,000;
b) Committing a crime in the cases specified in Clause 2 of this Article, the violators will be subject to a fine of between VND 5,000,000,000 and 10,000,000,000;
c) Committing a crime under the circumstances provided for in Article 79 of this Code, operations must be permanently discontinued;
d) Commercial legal entities may also be subject to fines from VND 500,000,000 to VND 2,000,000,000, prohibition from doing business, from operating in certain fields from 01 to 03 years, or from raising capital from 01 years to five to three years.
at Blogtuan.info – Source: Eva.vn – Read the original article here
