Unraveling Trinh Van Quyet’s tricks to drive chickens and upside down baskets to make a profit of 530 billion VND

On March 29, the investigative agency of the Ministry of Public Security issued a decision to prosecute the case, prosecute the accused, and arrest Mr. Trinh Van QuyetChairman of the Board of Directors of FLC Group Joint Stock Company (FLC Group), to investigate the crime of stock market manipulation.

Accordingly, the Investigative Police Agency of the Ministry of Public Security (C01) has investigated and verified Trinh Van Quyet, Chairman of FLC Group; individuals of FLC Group Joint Stock Company, BOS Securities Joint Stock Company and related companies about the behavior of “Stock market manipulation”, “Concealing information in securities activities” occurring on January 10, 2022, causing serious damage to investors, affecting the operation of Vietnam’s stock market.

Mr. Trinh Van Quyet was arrested on March 29

Banned from trading still continues to manipulate, push up the stock price

According to sources of Youth, The investigative agency has clarified many mistakes of FLC chairman Trinh Van Quyet related to “inflating the price” of shares with the aim of making illegal profits of hundreds of billions. It is worth mentioning that, after the shocking secret sale of shares in January, even though Quyet’s account was banned from trading, the chairman of FLC continued to manipulate the stock price up.

Trinh Van Quyet’s FLC Group Joint Stock Company was established in 2008 with the business lines of real estate, securities, tourism, education, legal technology, aviation…

FLC Group has 15 subsidiaries, 2 affiliated companies with Trinh Van Quyet as Chairman of the Board of Directors holding more than 215 million shares, equivalent to more than 30% of shares. Ms. Bui Hai Huyen is the general director and legal representative of the group.

Crafting a sophisticated “rolling the chicken, upside down the basket” scenario

This newspaper also said that the act of manipulating the stock market of defendant Trinh Van Quyet was determined to be carried out from the beginning of December 2021 to the trading session on January 10, 2022. This is also the session that the Chairman of FLC was determined to have tried to illegally sell 74.8 million shares.

Accordingly, Mr. Quyet drew up a rather sophisticated “scenario”, directing many people to participate in “inflating the price” of the shares of his own corporation holding to an extremely high level in order to “seduce” many investors. invest and then “undercover” to sell the shares he bought cheaply for the purpose of illicit profits.

Defendant Trinh Van Quyet, along with Ms. Bui Hai Huyen, directed many family members and some other people to run employees of BOS Securities Joint Stock Company and its subsidiaries to use about 20 securities accounts of BOS Securities. 11 organizations to carry out the “price making”. These individuals collude with each other to continuously buy and sell FLC securities with high frequency in order to create fake supply and demand to push the price up.

The investigating agency searched the workplace of Mr. Trinh Van Quyet on the evening of March 29 – Photo: HA TUAN

Illegally selling nearly 1,700 billion VND, earning 530 billion VND

According to Tien Phong, the above accounts participated in 28/28 trading sessions, buying orders accounted for 12% of the total order volume and matched buying 2.84% of the total buying volume of the whole market; Sell ​​orders accounted for 7% of total sell orders and sell orders accounted for 12% of total market sell orders.

In the bullish sessions, a group of 21 securities accounts bought with a total volume of 77% of the total order volume. At the discount sessions, the group placed sell orders with a total volume of 94% of the total sell volume.

When the price hit a record, Mr. Trinh Van Quyet directed his relatives to sell 175 million shares, of which 74.8 million units were matched with an average price of 22,500 VND/unit. The total amount of money illegally sold was 1,690 billion VND, this group almost benefited illegally 530 billion VND. Fortunately, the State Securities Commission canceled all this transaction.

After the illegal sale, to deal with the authorities, defendant Quyet assigned his relatives to use securities accounts opened at BOS Securities Joint Stock Company to continuously place orders to buy FLC shares in large quantities. to push stock prices, creating fake liquidity. FLC stock price has been “blown” from 12,000 VND/share to 14,000 VND/share (March 22).

MT (t/h)
According to Vietnamnet