The Office of the Investigation Police Agency (C01) of the Ministry of Public Security has just completed its investigation into the case of stock market manipulation and fraud involving the 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, along with his two sisters, Trinh Thi Minh Hue (an accounting employee in the accounting department of FLC Group) and Trinh Thi Thuy Nga (former Deputy General Director of BOS Securities Joint Stock Company), are recommended for prosecution for manipulating the stock market and defrauding and appropriating assets.
They knew it was a violation but still did it.
According to the investigation's conclusions, Mr. Quyet is a person with a high level of knowledge in law and the fields of finance, banking, 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 against the law and had been fined twice by the State Securities Commission for his securities activities, but from June 25, 2016 to January 10, 2022, he still instructed Ms. Hue to borrow the identity cards of 45 people to establish and register 20 businesses and open 500 securities accounts at 41 securities companies.
To manipulate the market, Mr. Quyet instructed Ms. Nga to grant fictitious credit limits to his accounts at BOS Securities Joint Stock Company, and then instructed subordinates to create artificial supply and demand for 5 stocks in the FLC group (AMD, HAI, GAB, ART, and FLC).
After the price increased, Mr. Quyet directed the sale of shares, illegally profiting more than 723 billion VND.
C01 alleges that, to conceal criminal activity, Mr. Quyet instructed subordinates to sign documents, authorize payments for clearing and settlement, and legitimize the granting of fictitious credit limits… He also instructed Ms. Hue to use Mr. Quyet's money to deposit cash into securities accounts to place stock purchase orders, record deposits/withdrawals, and transfer funds for stock trading…
Furthermore, Mr. Quyet knew that selling shares without reporting the planned transaction to the State Securities Commission was a violation of the law, but he still instructed Ms. Hue to use her account to secretly sell over 74 million FLC shares in the trading session on January 10, 2022, with a total transaction value of over 1.689 billion VND. However, the State Securities Commission promptly detected the transaction, canceled it, and prevented the illicit profit.
C01 also alleged that, from 2014 to 2016, shareholders only contributed over 1.197 billion VND in charter capital to Faros Construction Joint Stock Company. However, with the intention of misappropriating funds, Mr. Quyet instructed his subordinates and related individuals to create and sign fictitious documents and records of capital contributions totaling over 3.102 billion VND, artificially inflating the company's equity to 4.300 billion VND.
After artificially inflating its charter capital, the company proposed listing 430 million ROS shares on the Ho Chi Minh City Stock Exchange to sell them and embezzle 3,600 billion VND from investors.
Regarding the illicit gains of over 723 billion VND, Mr. Quyet used the money to purchase shares in Tre Viet Aviation Joint Stock Company, FLC Travel Joint Stock Company, and HAI Agricultural Pharmaceutical Joint Stock Company. In addition, Mr. Quyet also used the money to repay debts, transfer to securities accounts, and for personal expenses.
Blame your sister.
At the investigative agency, Mr. Quyet initially confessed to directing Ms. Hue and her accomplices to manipulate the stock market.
However, when C01 filed additional charges of fraud and misappropriation of property, Mr. Quyet changed his testimony and denied his guilt. At the same time, he blamed Ms. Hue and others.
According to C01, although Mr. Quyet committed the crime for the first time and was a business owner who created many jobs for workers, he exploited legal regulations to illegally profit an exceptionally large amount of money. Furthermore, Mr. Quyet also involved family members and friends in committing the crime.
Therefore, C01 believes that Mr. Trinh Van Quyet needs to be dealt with with a harsh sentence to educate , deter, and prevent similar crimes in the future.
List of defendants recommended for prosecution.
Crimes of stock market manipulation and fraud involving misappropriation of assets:
Trinh Van Quyet, Chairman of the Board of Directors of FLC Group
Trinh Thi Minh Hue, an employee of the Accounting Department of FLC Group (Mr. Quyet's younger sister).
Trinh Thi Thuy Nga, Deputy General Director of BOS Securities Company (Mr. Quyet's younger 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
The crime of manipulating the stock market:
Do Thi Huyen Trang, Deputy Head of Accounting Department, FLC Group
Nguyen Thi Nga, employee of the Accounting Department of FLC Group
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, an employee of FLC Digital Trade and Service Joint Stock Company.
Trinh Van Nam, an employee of Tre Viet Aviation Joint Stock Company.
Nguyen Van Manh, employee of the Materials Department, FLC Land Co., Ltd.
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
Fraudulent appropriation of property :
Nguyen Thien Phu, Deputy General Director and Chief Accountant of FLC Faros Construction Joint Stock Company.
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