Prosecuting Mr. Do Thanh Nhan, Chairman of Joint Stock Company Louis Holdings and 3 others to investigate the case of stock market manipulation.
On the evening of April 20, Lieutenant General To An Xo (Chief of the Office of the Ministry of Public Security) said that the Ministry’s investigative police agency had prosecuted and arrested Mr. The Board of Directors of Louis Capital Joint Stock Company, Louis Land Joint Stock Company, Trinh Thi Thuy Linh (Administrative Director of Louis Holding Company) on the charge of market manipulation stock.
Police present at the headquarters of Tri Viet Securities Company on Doi Can Street, Hanoi, on the evening of April 20. Photo: NT
Also being prosecuted for the same crime are Mr. Do Duc Nam, General Director of Tri Viet Securities Joint Stock Company, and Le Thi Thuy Lien (financial service employee of Tri Viet Securities Company).
According to the allegation, from January 4, 2021 to October 6, 2021, defendant Do Thanh Nhan colluded with Do Duc Nam and related people to use many securities trading accounts to buy, sell and sell securities. entice others to buy and sell securities.
The purpose is to manipulate the stock price of Louis Capital Joint Stock Company (code TGG), Louis Land Joint Stock Company (code BII) and other securities codes contrary to the law, making illegal profits of hundreds of billions of dong. .
The defendants from left to right: Do Duc Nam, Trinh Thi Thuy Linh, Le Thi Thuy Lien, Do Thanh Nhan. Photo: Ministry of Public Security.
On March 23, the State Securities Commission decided to sanction Louis Holdings Joint Stock Company with an amount of more than 161 million VND, suspending securities trading for 2 months (from March 22) due to violations. administrative transactions in excess of the registered value.
Specifically, Louis Holdings registered to buy 3.6 million shares of Louis Capital (TGG) from November 17, 2021 to December 15, 2021. However, in fact, this organization bought 4,674,700 TGG shares from November 17, 2021 to November 30, 2021.
Thus, the enterprise owned by Mr. Do Thanh Nhan as the chairman of the Board of Directors has bought more than 1.07 million TGG shares compared to the registered number of shares, equivalent to about 10.75 billion dong of par value.
In January 2022, Louis Capital was also fined 232.5 million dong for a series of errors such as violating information disclosure about explanation documents, closing date of the list of shareholders, reporting the date of becoming a major shareholder. some individuals.
Also in January, the State Securities Commission fined Tri Viet Securities Company a total of 310 million VND. Of which, a fine of 60 million dong for arranging people without securities practice certificates to perform the operations and positions according to regulations.
A fine of VND 250 million for providing securities advance payment services to customers, and coordinating with credit institutions to provide services for customers to borrow money to buy securities, but not yet reported and approved.
In addition, Tri Viet was also subject to an additional penalty in the form of suspending the payment advance service, and coordinating with a credit institution to provide services for customers to borrow money to buy securities within 2 months.
This is the second time this year the Ministry of Public Security has prosecuted the accused for manipulating the stock market.
On March 29, the investigating agency prosecuted Mr Trinh Van Quyet (former Chairman of FLC Group) for this crime. After that, the authorities continued to prosecute Mr. Quyet’s two sisters, Trinh Thi Minh Hue, Trinh Thi Thuy Nga and two leaders of FLC. They include: Huong Tran Kieu Dung (Permanent Vice Chairman of the Board of Directors of FLC Group) and Nguyen Quynh Anh (General Director of BOS Securities Joint Stock Company) to clarify the role of accomplices to help Mr. Quyet.
According to the investigation, Mr. Quyet directed many individuals and companies to use 20 securities accounts to collude with each other to continuously buy and sell securities with high frequency in order to create fake supply and demand and push up the price of FLC securities. . The defendants’ acts earned an illegal profit of about VND 530 billion.
According to Zing
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