The Office of the Investigation Police Agency (C01) of the Ministry of Public Security has just completed the investigation conclusion of the case of stock market manipulation and fraudulent appropriation of assets, which occurred at FLC Group Joint Stock Company (FLC Group), BOS Securities Joint Stock Company, Faros Construction Joint Stock Company and related companies.
In this case, Mr. Trinh Van Quyet, former Chairman of FLC Group, and his two sisters, Trinh Thi Minh Hue (accountant of the accounting department, FLC Group) and Trinh Thi Thuy Nga (former Deputy General Director of BOS Securities Joint Stock Company) were proposed to be prosecuted for stock market manipulation and fraud.
Know the violation but still do it
According to the investigation conclusion, Mr. Quyet is a person with knowledge of law and the fields of banking, finance and securities and is the founder of FLC Group, BOS Securities Joint Stock Company and 50 other related companies.
Mr. Trinh Van Quyet, former Chairman of FLC Group
Mr. Quyet knew that manipulating the stock market was a violation of the law and had been punished twice by the State Securities Commission for securities activities, but from June 25, 2016 to January 10, 2022, Mr. Quyet still directed Ms. Hue to borrow the identity cards of 45 people to establish and register 20 businesses, opening 500 securities accounts at 41 securities companies.
To manipulate the market, Mr. Quyet directed Ms. Nga to grant false limits to Mr. Quyet's accounts opened at BOS Securities Joint Stock Company, then directed her subordinates to create fake supply and demand for 5 FLC group stock codes (AMD, HAI, GAB, ART and FLC).
After the price increased, Mr. Quyet directed the sale of shares, illegally earning more than 723 billion VND.
C01 alleges that, in order to conceal his criminal acts, Mr. Quyet directed his subordinates to sign documents, authorize payment and clearing, and legitimize the granting of false limits... He directed Ms. Hue to use Mr. Quyet's money to deposit cash into securities accounts to place orders to buy stocks, record deposits/withdrawals, and transfer cash flows to buy and sell stocks...
In addition, Mr. Quyet knew that before selling shares, not reporting to the State Securities Commission about the planned transaction was a violation of the law, but still directed Ms. Hue to use her account to illegally sell more than 74 million FLC shares in the trading session on January 10, 2022 with a total matched value of more than VND 1,689 billion. However, the State Securities Commission promptly detected, canceled the transaction and prevented illegal profiteering.
C01 also accused that from 2014 to 2016, shareholders only contributed more than VND 1,197 billion in charter capital to Faros Construction Joint Stock Company. However, with the purpose of appropriating money, Mr. Quyet directed his subordinates and related individuals to create and sign fake documents and capital contribution documents of more than VND 3,102 billion, increasing the company's equity to VND 4,300 billion.
After increasing its charter capital, this company proposed to register to list 430 million ROS shares on the Ho Chi Minh City Stock Exchange to sell and appropriate 3,600 billion VND from investors.
Mr. Quyet used the more than 723 billion VND of illegal profits to buy shares of Tre Viet Aviation Joint Stock Company, FLC Travel Joint Stock Company and HAI Pesticide Joint Stock Company. In addition, Mr. Quyet also used it to pay debts, transfer to securities accounts and for personal expenses.
Blame the sister
At the investigation agency, Mr. Quyet initially confessed to directing Ms. Hue and her accomplices to manipulate the stock market.
However, when C01 initiated additional charges of fraud and property appropriation, Mr. Quyet changed his testimony and did not admit to his crime. At the same time, Mr. Quyet blamed Ms. Hue and others.
According to C01, although Mr. Quyet committed the crime for the first time, and is a business owner who creates many jobs for workers, he took advantage of the provisions of the law to illegally gain an exceptionally large amount of money. In addition, Mr. Quyet also lured his family members and friends to commit the crime.
Therefore, C01 believes that Mr. Trinh Van Quyet needs to be dealt with by a severe sentence for education, deterrence and general prevention.
List of defendants proposed for prosecution
Crime of stock market manipulation and fraudulent appropriation of property:
Trinh Van Quyet, Chairman of the Board of Directors of FLC Group
Trinh Thi Minh Hue, officer of FLC Group's Accounting Department (Mr. Quyet's sister)
Trinh Thi Thuy Nga, Deputy General Director of BOS Securities Company (Mr. Quyet's sister)
Huong Tran Kieu Dung, Permanent Vice Chairman of the Board of Directors of FLC Group
Nguyen Quynh Anh, General Director of BOS Securities Joint Stock Company
Crime of stock market manipulation:
Do Thi Huyen Trang, Deputy Head of Accounting Department, FLC Group
Nguyen Thi Nga, employee of FLC Group's Accounting Department
Trinh Van Dai, Deputy General Director of FLC Faros Construction Joint Stock Company
Trinh Thi Thanh Huyen, employee of FLC Homes Company
Trinh Tuan, Head of Materials Department, FLC Land Company
Hoang Thi Hue, employee of FLC Digital Trading and Services Joint Stock Company
Trinh Van Nam, employee of Bamboo Airways Joint Stock Company
Nguyen Van Manh, staff of Materials Department, FLC Land LLC
Nguyen Thi Thanh Phuong, Head of Securities Services Department, BOS Securities Joint Stock Company
Nguyen Thi Thu Thom, Deputy Head of Securities Services Department, BOS Securities Joint Stock Company
Bui Ngoc Tu, Deputy Head of Securities Services Department, BOS Securities Joint Stock Company
Quach Thi Xuan Thu, Chief Accountant of BOS Securities Joint Stock Company
Tran Thi Lan, Chief Accountant of BOS Securities Joint Stock Company
Nguyen Quang Trung, driver
Nguyen Thi Hong Dung, freelance worker
Crime of fraud and appropriation of property :
Nguyen Thien Phu, Deputy General Director and Chief Accountant of FLC Faros Construction Joint Stock Company
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