Urgently investigate individuals who help Trinh Van Quyet manipulate the stock market

As reported, on March 30, the Investigative Police Agency of the Ministry of Public Security issued a decision to prosecute the accused and a detention order for Trinh Van Quyet – Chairman of the Board of Directors of the Group Joint Stock Company. FLC for “Stock market manipulation”.

According to the investigative agency, Trinh Van Quyet was prosecuted and detained to clarify violations related to the “hidden” sale of 74.8 million FLC shares on January 10.

Also related to this “underground” sale of shares, Trinh Van Quyet was administratively fined 1.5 billion dong, suspended from securities activities for 5 months by the decision to sanction administrative violations for the act of “Failing to report Expected transaction report” from the State Securities Commission.

Trinh Van Quyet has many sophisticated tricks and tricks to create fake supply and demand, and push stock prices to gain illicit profits.

Regarding this case, someone asked why the State Securities Commission decided to fine Mr. Trinh Van Quyet 1.5 billion dong and suspend securities activities for 5 months but still being prosecuted?

According to CANDonline newspaper, in response to the above, Major General Le Van Tan, Deputy Chief of the Office of the Police Investigation Agency of the Ministry of Public Security, said that in January 2022, Trinh Van Quyet was administratively sanctioned for not reporting. Reporting, not disclosing information before performing transactions according to Decree 128/2020/ND-CP on sanctions in the securities sector.

After entering the verification and investigation, the authorities discovered that in the case of under-selling stocks on January 10, Trinh Van Quyet had many sophisticated tricks and tricks to create fake supply and demand, pushing prices up. shares in order to gain illicit profits from VND 500 million or more.

Therefore, the Investigation Police Agency of the Ministry of Public Security prosecuted Trinh Van Quyet for manipulating the stock market.

In case the competent authority has sanctioned administratively but later determines that the violation constitutes a crime and must be criminally handled, the investigating agency will initiate a criminal proceeding to investigate and handle according to regulations. Accordingly, after being prosecuted and investigated, all previous administrative sanctioning decisions are invalid,” said Major General Le Van Tan.

The investigating officers sealed documents and evidences about the crime committed by the accused Trinh Van Quyet.

Investigating individuals who actively help and create conditions for Trinh Van Quyet to commit violations

Trinh Van Quyet’s behavior of manipulating the stock market negatively impacted the market and caused great damage to investors.

In addition to Mr. Trinh Van Quyet, who has been prosecuted and detained, currently the Investigative Police Department of the Ministry of Public Security is actively investigating individuals who actively help and create conditions for the accused to commit violations. .

During the verification and investigation process, the police agency will consider and clarify the purpose and role of each person to strictly handle in accordance with the law.

If those people perform acts in the name of a company (legal entity), in order to gain illicit profits for the unit, depending on the degree of damage caused to investors and the amount of illicit profit, this legal entity may be fined from 2-10 billion VND,

In case a person commits acts in the name of an individual, abets the market to manipulate the market for illegal self-interest, causing damage to investors, if there are enough signs to constitute a crime, he/she will be criminally handled.

In addition, these subjects must also pay civil compensation to investors who suffer damage caused by the crime.

According to P. Thuy