Trinh Van Quyet manipulated stock prices, profiting 975 billion dong

On the afternoon of June 4, the Government Office held a regular government press conference in May. At the press conference, Lieutenant General To An Xo, Chief of the Office of the Ministry of Public Security, affirmed that all the accused in the cases Viet A, Tan Hoang Minh, FLC… all violate current laws and they will certainly be handled by law.

Regarding the case at FLC, the initial investigation results determined that Trinh Van Quyet directed Trinh Thi Minh Hue to borrow the identity cards of 26 individuals to set up 20 businesses and open 450 accounts at 41 securities companies. securities to perform acts of manipulating stock prices in order to create fake supply and demand with 6 FLC securities codes and gain illicit profits, initially estimated at VND 975 billion. This has taken a particularly large toll on investors.

Currently, the Investigation Police Agency of the Ministry of Public Security has received 557 applications from investors accusing Trinh Van Quyet and his accomplices of manipulating the stock market.

Previously, the Investigation Police Agency conducted an investigation into the “Stock Market Manipulation” case, which occurred at FLC Group Joint Stock Company, BOS Securities Joint Stock Company and related companies, According to the Decision to prosecute the criminal case No. 06/QD-VPCQCSĐT dated March 29, 2022 of the Investigative Police Agency of the Ministry of Public Security.

The investigation process determined: From December 1, 2021 to January 10, 2022, Trinh Van Quyet directed Trinh Thi Thuy Nga, Trinh Thi Minh Hue, Huong Tran Kieu Dung, Nguyen Quynh Anh and other subjects with related, lending, using opened accounts to buy/sell securities, manipulate the stock market, and push FLC’s stock price to a “ceiling” price of VND15,500/share on December 1st. /2021 up to 24,050 VND/share on 10/01/2022, average is 22,586 VND/share (up 64%).

Then, on January 10, 2022, ordered to sell 76.77 million FLC shares and matched 74.8 million FLC shares with average price of 22,586 VND/share but did not disclose information before the transaction, with the number VND 1,689 billion (accounting for 55.42% of the total matching volume of the whole market, accounting for 10.54% of the total circulating volume of FLC shares), making FLC’s stock price drop to the floor for 8 consecutive trading sessions, initially confirming decided to cause serious damage to investors who bought 60.1 million FLC shares on the stock exchange on January 10, 2022, affecting the operation of Vietnam’s stock market.

Based on the investigation results, initially identifying the behavior of “manipulating the stock market”, from December 1, 2021 to present, the Investigative Police Agency has issued a decision to prosecute a criminal case. prosecuted 5 defendants, ordered the arrest of 5 defendants for temporary detention on the charge of “manipulating the stock market”, specified in Article 211, Penal Code 2015 against: Trinh Van Quyet, former Chairman of the Board of Directors; Trinh Thi Minh Hue, former employee of General Accountant of FLC Group Joint Stock Company; Huong Tran Kieu Dung, former Chairman of the Board of Directors of BOS Securities Joint Stock Company and Standing Vice Chairman of FLC Group Joint Stock Company; Trinh Thi Thuy Nga, former member of the Board of Directors and Deputy General Director, Nguyen Quynh Anh, former General Director of BOS Securities Joint Stock Company and is continuing to strengthen and clarify other accomplices.