(NLDO)- Two individuals were fined 3 billion VND for manipulating Phat Dat shares. 22 people who lent their accounts were also affected.
The State Securities Commission (SSC) has just issued a decision to impose administrative sanctions and apply preventive measures to prevent violations of the law on securities and the securities market for acts of stock market manipulation and acts of lending accounts to trade securities, leading to stock market manipulation of shares of Phat Dat Real Estate Development Joint Stock Company (Phat Dat, Stock Code-PDR).
Accordingly, Ms. Nguyen Thi Phuong Thao (residing in District 5) and Mr. Phan Thanh Tam (residing in District 1, Ho Chi Minh City) were fined 1.5 billion VND each for manipulating the stock market.
During the period from August 15, 2022 to December 9, 2022, Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam used 164 accounts to continuously buy, sell, and trade PDR shares between accounts with the aim of creating artificial supply and demand, manipulating PDR stock prices. This violates the provisions of Clause 3, Article 12 of the Securities Law.
Authorities said the inspection results did not show any illegal income generated from the violations of Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam.
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In addition to being administratively fined, Ms. Thao and Mr. Tam are also banned from securities trading for a period of 2 years, starting from March 24, 2025.
During this time, the authorities also banned Ms. Thao and Mr. Tam 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.
In particular, the State Securities Commission also issued a decision to punish 22 individuals for lending their accounts to others to trade securities, leading to market manipulation. These individuals were also banned from trading for 2 years and banned from holding positions at securities companies, securities investment fund management companies, etc. during this time.
Remember, near the end of 2022 was the time when many stocks, many real estate stocks, including Phat Dat's PDR, plummeted after the news of "bond tightening". PDR shares plummeted with nearly 30 sessions of deep decline, including 17 sessions of floor price decline, falling from nearly 60,000 VND to 12,000 VND. At that time, Phat Dat's Chairman of the Board of Directors, Mr. Nguyen Van Dat, had tens of millions of shares sold by securities companies.
Currently PDR price fluctuates around 20,000 VND/share.
In a recent investor meeting, Mr. Nguyen Van Dat said that he did not know why the company's shares were as cheap as they are now, although he himself recognized that the company's foundation was good and that many domestic and foreign investors were expressing interest in cooperation.
Source: https://nld.com.vn/dung-164-tai-khoan-cua-22-nguoi-de-thao-tung-co-phieu-phat-dat-196250322101210812.htm
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