Using 164 accounts to manipulate Phat Dat Land stock prices, two individuals were heavily fined

ANTD.VN - Two individuals were fined a total of VND3 billion and banned from securities trading for two years for manipulating PDR shares of Phat Dat Real Estate Company; 22 others were punished for lending accounts to carry out the above acts.

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 for securities trading leading to stock market manipulation.

Specifically, based on the results of monitoring and inspection, the State Securities Commission issued a decision to impose administrative sanctions on Ms. Nguyen Thi Phuong Thao (Ward 11, District 5, Ho Chi Minh City) and Mr. Phan Thanh Tam (Nguyen Thai Binh Ward, District 1, Ho Chi Minh City).

Accordingly, each of the above individuals was fined 1.5 billion VND for violating stock market manipulation.

According to the conclusion of the State Securities Commission, 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 of Phat Dat Real Estate Development Joint Stock Company (Phat Dat Land - Stock code: PDR) between accounts with each other for the purpose of creating artificial supply and demand, manipulating PDR stock prices. This behavior violates the provisions of Clause 3, Article 12 of the Securities Law.

The results of the inspection and calculation of the illegal income obtained from the violations of Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam showed that there was no illegal income.

Nhiều cá nhân bị phạt nặng vì thao túng giá cổ phiếu Bất động sản Phát Đạt

Many individuals were heavily fined for manipulating Phat Dat Real Estate stock prices.

At the same time, based on the above administrative penalty decision, on the same day, the State Securities Commission also issued a decision on applying preventive measures to stop violations of the law on securities and the securities market against Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam.

Accordingly, both investors are banned from trading securities for 2 years, starting from March 24, 2025.

Prohibited 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 2 years, starting from March 24, 2025.

It is known that Ms. Nguyen Thi Phuong Thao used to hold an important position at Phat Dat Land. Specifically, in the period 2004 - 2005, she worked as the Chief Accountant of this enterprise.

From late 2005 to early 2011, she was the head of the internal control department of Phat Dat Real Estate; at the same time, from late 2005 to August 2013, Ms. Thao was the foreign affairs assistant of the Board of Directors. Since then, Ms. Thao has not held any position at this enterprise.

Also related to this incident, the State Securities Commission also imposed administrative sanctions on 22 other individuals for lending their accounts to others for securities trading, leading to stock market manipulation. Specifically, 22 individuals lent their accounts to Mr. Phan Thanh Tam for securities trading, leading to stock market manipulation for PDR shares.

The inspection results do not have a basis to determine whether 22 individuals have illegally obtained profits from committing violations.

The State Securities Commission applied administrative sanctions of suspending securities trading activities for a period of 9 months to the above 22 individuals.

At the same time, to prevent and stop violations of the law on securities and the securities market, the State Securities Commission applies a measure to ban securities transactions for a period of 2 years, starting from March 24, 2025, for these individuals.

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