Return of case file of former FLC Chairman Trinh Van Quyet manipulating the stock market

The Supreme People's Procuracy has just issued a decision to return the case file, requesting additional investigation into the case of Trinh Van Quyet and his accomplices for the crimes of Stock Market Manipulation and Fraudulent Appropriation of Property.

Previously, the Ministry of Public Security's Investigation Police Agency completed the Conclusion of the investigation into the criminal case of Stock Market Manipulation, 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, Trinh Van Quyet (born 1975, former Chairman of FLC) and 20 defendants were prosecuted for the acts of Fraudulent appropriation of property and Stock market manipulation.

Assisting Trinh Van Quyet was his sister, defendant Trinh Thi Minh Hue (born in 1981). Ms. Hue was prosecuted for both of the above crimes.

The investigation concluded that Trinh Van Quyet has knowledge of law and the fields of banking, finance and securities; founded FLC Group Joint Stock Company, BOS Securities Company and 50 other companies.

However, the former Chairman of FLC took advantage of the provisions of the law on securities activities to commit crimes many times, with sophisticated and cunning tricks, making especially large illegal profits and causing damage to investors.

Trinh Van Quyet also enticed and influenced his family members and friends to commit crimes.

Initially, defendant Trinh Van Quyet confessed to directing Trinh Thi Minh Hue and her accomplices to manipulate the stock market. When the investigation agency initiated additional prosecution for fraud and property appropriation, the former FLC Chairman changed his testimony, did not admit to his crime and blamed Trinh Thi Minh Hue and others.

"When arrested, despite clear evidence, Mr. Quyet stubbornly refused to admit his crime, blaming his sister and others for committing the crime," the investigation concluded.

The police investigation agency assessed that Trinh Van Quyet's actions had sufficient elements to constitute the crimes of Stock Market Manipulation and Fraudulent Appropriation of Property, with him playing the role of mastermind, leader, and perpetrator.

The Ministry of Public Security's investigation police agency assessed that although the defendant Trinh Van Quyet committed the crime for the first time, was a business owner, and created many jobs for workers, he took advantage of the provisions of the law on securities activities to commit crimes many times, with sophisticated and cunning tricks, making especially large illegal profits, negatively affecting the activities of the stock market and the economy, causing outrage in society.

On the other hand, the evidence proving the crime is clear but still stubbornly refuses to admit his crimes, blaming Trinh Thi Minh Hue and others for committing the crime, needs to be dealt with by a strict sentence before the law to educate, deter and prevent the general public.

Mr. Quyet's sister, defendant Trinh Thi Minh Hue, was identified as FLC's general accountant, who helped her brother manipulate stocks and commit fraud.

Ms. Hue, however, asserted that she “committed the crime herself,” not following her brother’s instructions. The investigation agency assessed Ms. Hue as “not sincere” and also recommended severe punishment.

According to the conclusion, Trinh Van Quyet directed his relatives, employees and subsidiaries to use securities to "inflate" the prices of AMD, HAI, GAB, FLC, ART codes; thereby illegally profiting 723 billion VND.

In addition, Mr. Quyet also "magically" increased the capital of Faros Construction Joint Stock Company from VND1,197 billion to VND4,300 billion. After that, the defendant proposed to register to list 430 million ROS shares of Faros Construction Joint Stock Company on the Ho Chi Minh City Stock Exchange for sale, appropriating VND3,620 billion from investors.

Trinh Van Quyet used the illegal profits to buy shares in Bamboo Airways, pay debts, deposit into a securities account and for personal expenses...

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