The State Securities Commission (SSC) has just issued a decision to administratively sanction Mr. Nguyen Huu Duc (Cam Le district, Da Nang city) for manipulating the stock market.
Specifically, the State Securities Commission said that based on the results of monitoring and inspection, it was found that from January 4, 2022 to June 17, 2022, Mr. Duc used his own securities account and 75 accounts of 21 investors to continuously buy, sell, and trade FIR shares of First Real Estate JSC to create fake supply and demand. Thereby manipulating the price of FIR shares, violating the provisions of Clause 3, Article 12 of the Securities Law.
However, according to the results of the inspection and calculation of the illegal income obtained from Mr. Nguyen Huu Duc's violations, there was no illegal income.
For the above-mentioned acts, Mr. Duc was fined 1.5 billion VND and measures were taken to prevent and stop violations of the law on securities and the securities market.
Accordingly, the State Securities Commission issued a decision banning Mr. Duc from securities transactions for a period of 2 years. At the same time, Mr. Duc is 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.
The effective date of the measures to prevent and stop violations starts from November 8, 2023.
FIR stock price movement.
Looking back at the 2022 period, the real estate stock group has fallen sharply by 60-70% in market value due to unfavorable market developments. In particular, the events in the stock and bond markets at that time are considered the main cause of pressure on this group of stocks.
However, not included in that downward trend, the FIR code of First Real Estate recorded a steady growth momentum, going against the strong downward adjustment trend of the general market, with many trading sessions reaching a peak price of more than 30,000 VND/share.
Entering 2023, this code began to show signs of decline following the general trend of the market, recording a decrease of nearly 25% in the past 3 months and a decrease of 34% in the past year. At the end of the session on November 10, FIR's market price stopped at the price range of VND 20,900/share .
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