Investigating individuals who helped Trinh Van Quyet manipulate the stock market
In case the competent authority has imposed an administrative penalty but later determines that the violation constitutes a crime and must be prosecuted, the Investigation Agency will initiate a prosecution to investigate and handle it according to the provisions of law.
The Ministry of Public Security's Investigation Police Agency has just prosecuted and issued an arrest warrant for Trinh Van Quyet - Chairman of the Board of Directors of FLC Group Corporation for the crime of "Market manipulation".stockAccording to the investigation agency, Mr. Quyet was prosecuted and detained to clarify violations related to the "illegal" sale of 74.8 million FLC shares on January 10.
Also related to this "illegal" stock sale, Mr. Quyet was fined 1.5 billion VND and had his securities activities suspended for 5 months by the decision to sanction administrative violations for the act of "Not reporting on expected transactions" from the State Securities Commission (SSC). Regarding this case, some people asked why the SSC decided to fine Mr. Trinh Van Quyet 1.5 billion VND and suspend his securities activities for 5 months but was still prosecuted?
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| Defendant Trinh Van Quyet. |
Responding to the above matter, Major General Le Van Tan - Deputy Chief of Office of the Ministry of Public Security's Investigation Police Agency said that in January 2022, Mr. Quyet was administratively sanctioned for not reporting or not disclosing information before making transactions according to Decree 128/2020/ND-CP on sanctions in the securities sector.
After verifying and investigating, the authorities discovered that in the case of selling shares illegally on January 10, Mr. Quyet had many sophisticated tricks and schemes to create fake supply and demand, pushing up stock prices to illegally earn an amount of VND500 million or more. Therefore, the Ministry of Public Security's Investigation Police Agency has prosecuted him for stock market manipulation.
“In case the competent authority has imposed an administrative penalty and then determines that the violation constitutes a crime and must be prosecuted, the investigation agency will initiate a prosecution to investigate and handle it according to the provisions of law. Accordingly, after being prosecuted and investigated, all previous administrative penalty decisions will be invalid,” said Major General Le Van Tan.
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| Investigators sealed documents and evidence of the crime of defendant Trinh Van Quyet. |
It is known that Mr. Quyet's stock market manipulation has negatively impacted the market and caused great losses to investors. In addition to Mr. Quyet who has been prosecuted and temporarily detained, the Ministry of Public Security's Investigation Police Agency is currently actively investigating individuals who actively assisted and facilitated the defendant to commit the violation.
During the investigation, the police will examine and clarify the purpose and role of each person to strictly handle them according to the provisions of the law. If those people commit acts under the name of the company (legal entity), with the aim of illegally profiting for the unit, depending on the level of damage caused to investors and the amount of illegal profit, this legal entity can be fined from 2 to 10 billion VND.
In case a person commits an act under the name of an individual, aiding and abetting the market manipulation for personal gain, causing damage to investors, if there are sufficient signs of constituting a crime, he/she will be prosecuted. In addition, these subjects must also pay civil compensation to investors who suffered damage due to the crime.
