Three individuals fined 4.5 billion VND for stock manipulation FIR

ANTD.VN - Three individuals were fined a total of VND4.5 billion for manipulating the stock market, while 19 others were banned from trading for lending accounts to trade stocks.

On January 16, the State Securities Commission (SSC) announced that it had issued a decision to sanction Mr. Luu Thai Hai and Mr. Ngo Huynh Minh Uy for manipulating the stock market and 19 individuals for lending their accounts to others for securities trading.

Specifically, Mr. Ngo Huynh Minh Uy and Mr. Luu Thai Hai were each fined 1.5 billion VND by the State Securities Commission for violating stock market manipulation.

According to the conclusion of the State Securities Commission, from January 4 to June 17, 2022, Mr. Luu Thai Hai and Mr. Ngo Huynh Minh Uy used 76 securities accounts to continuously buy and sell, and trade between accounts with each other for the purpose of creating artificial supply and demand, manipulating the stock price of First Real Estate Joint Stock Company (stock code: FIR).

Cổ phiếu FIR của Địa ốc First Real biến động mạnh trong khoảng thời gian bị các cá nhân thao túng

First Real Estate's FIR stock fluctuated sharply during the period of manipulation by individuals.

The results of the inspection and calculation of the illegal income obtained from the violations of Mr. Luu Thai Hai and Mr. Ngo Huynh Minh Uy showed that there was no illegal income.

In addition, to prevent and stop violations of securities laws by the above two individuals, the State Securities Commission has applied an additional penalty: banning securities transactions for a period of 2 years from January 12, 2024.

In addition, these two individuals are also banned from holding positions at securities companies, securities investment fund management companies, branches of foreign securities companies and fund management companies in Vietnam, and securities investment companies for a period of 2 years, starting from January 12, 2024.

Notably, previously on November 8, 2023, the State Securities Commission also fined Mr. Nguyen Huu Duc VND 1.5 billion for using his own securities account and 75 accounts of 21 investors to continuously buy, sell, and trade FIR shares to create fake supply and demand, manipulating stock prices.

He is also banned from trading securities for a period of 2 years and banned from holding positions at securities companies, securities investment fund management companies, branches of foreign securities companies and fund management companies in Vietnam, and securities investment companies for a period of 2 years, starting from November 8, 2023.

Thus, for the act of FIR stock manipulation, 3 individuals were fined a total of 4.5 billion VND.

Not only that, in this case, the State Securities Commission also issued a decision to sanction 19 other individuals for lending their accounts to others to trade securities, leading to stock market manipulation.

These individuals lent Mr. Nguyen Huu Duc his securities account to carry out FIR stock manipulation.

For this behavior, the State Securities Commission has suspended securities trading activities for a period of 9 months for the above individuals.

At the same time, apply preventive measures, including a ban on transactions for a period of 2 years; Prohibition from holding positions at securities companies, securities investment fund management companies, branches of foreign securities companies and fund management companies in Vietnam, and securities investment companies for a period of 2 years, starting from January 12, 2024.

Regarding FIR stock, during the period of price manipulation, this code skyrocketed from around VND 19,000/share to VND 30,000/share in mid-2022 and peaked at nearly VND 37,000/share in April 2023.

However, this stock then continuously decreased, currently around 13,000 VND/share.

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