Using 40 securities accounts to create fake supply and demand, illegally profiting over 157 billion VND

Regarding the above case, on July 10, the Hanoi City Police Department's Investigation Security Agency provided detailed information about the case of "Stock market manipulation" occurring at Asia Pacific Securities Joint Stock Company, Asia Pacific Investment Joint Stock Company and IDJ Vietnam Investment Joint Stock Company.

Previously, on June 12, 2022, the State Securities Commission sent an official dispatch requesting the Hanoi City Police to clarify the behavior of a group of accounts opened at APS Securities Joint Stock Company that had connections and colluded with each other, trading in the period from May 4, 2021 to December 31, 2021; showing signs of affecting the price movements of API, APS and IDJ stocks during this period, causing the above 3 stocks to have unusual and similar price fluctuations when all increased in price 3 to 5 times. The above behavior has signs of the crime of "Stock market manipulation".

The Hanoi City Police Department's Security Investigation Agency has issued a decision to initiate criminal proceedings, prosecute the accused and issue a detention order for the above 5 accused.

After receiving the documents, Hanoi City Police directed the professional departments to verify and clarify the above violations. Based on the investigation results and collected evidence, on June 22, the Hanoi City Police Security Investigation Agency issued a decision to initiate criminal proceedings, prosecute the accused and issue a temporary detention order for 5 accused.

The subjects include Nguyen Do Lang (born in 1974), Huynh Thi Mai Dung (born in 1975, residing at 12AT3, Nam Thang Long urban area, Dong Ngac ward), Pham Thi Duc Viet (born in 1982, residing at P807, building N01 T5, Diplomatic Corps, Xuan Tao ward, Bac Tu Liem district, Hanoi), Pham Duy Hung (born in 1979, residing at house number 14, district 27, lane 136 Nguyen An Ninh, Truong Dinh ward, Hoang Mai) and Nguyen Thi Thanh (born in 1981, residing at number 29/267 Bo De, Bo De ward, Long Bien district) for the crime of "Stock market manipulation". On the same day, the Hanoi People's Procuracy approved the above prosecution decisions.

The investigation determined that from May 4, 2021 to December 31, 2021, Lang, Hung and Dung directed the subjects to use 40 manipulated securities accounts opened at APS Company to continuously buy and sell, creating fake supply and demand and new closing prices; pushing the stock prices of 3 codes API, APS, IDJ to increase abnormally.

Specifically, API shares increased from VND 27,300/share to VND 102,000/share (up 372%); APS shares increased from VND 10,400/share to VND 59,900/share (up 581%), IDJ shares increased from VND 14,500/share to VND 75,000/share (up 503%).

Regarding the execution of buy and sell orders, Lang, Hung, and Dung directed Viet to place buy and sell orders for 3 stocks API, IDJ, and APS on the above 40 securities accounts, then asked Viet to compile and report the results of the above transactions to Lang, Hung, and Dung via the company's internal email, text messages, or oral reports.

Regarding the source of money used for manipulation, it was Lang, Dung and Pham Duy Hung. The subjects directed Nguyen Thi Thanh, the chief accountant, then Thanh assigned the accounting staff of APS Company including Nguyen Thi Van Anh, Nguyen Thi Anh Ngoc, Tran Thi Lan Anh to deposit and withdraw money related to 30/40 accounts; assigned Nguyen Hoai Giang to deposit and withdraw money related to 10/40 accounts.

To commit the crime, the subjects called out and posted positive information about the three stocks APS, API, IDJ on zalo groups and clubs. In addition to using securities accounts to manipulate prices, Nguyen Do Lang, Pham Duy Hung, Huynh Thi Mai Dung directed Pham Thi Duc Viet and Nguyen Doan Tung, born in 1994, residing at C6 Dcapital Vincom Tran Duy Hung, Trung Hoa ward, Cau Giay district, Hanoi, an analyst at IDJ Investment Joint Stock Company, to regularly post positive information about the three stocks APS, API, IDJ on zalo groups and clubs (Apec 3 Investment Consulting Group with more than 300 members, APS 2 Group with more than 200 members, Apec Investment Consulting Group with nearly 900 members) to call for and attract investors to buy these stocks.

Based on the investigation results and collected documents and evidence, it was determined that: Lang, Dung and Hung directed the group of subjects Viet, Thanh and a number of other subjects to use 40 securities accounts of employees of APS, API, IDJ Company and individuals outside the company to buy and sell securities for 3 stock codes API, APS, IDJ from May 4, 2021 to December 31, 2021 to create artificial supply and demand and create new closing prices for the above 3 stock codes. That attracted many investors to participate in buying and selling transactions, causing the stock prices of 3 codes APS, API, IDJ to continuously increase to the ceiling price many sessions.

On November 16, 2021, APS stock price reached a peak of VND 59,900/share; on November 18, 2021, IDJ stock price reached a peak of VND 75,000/share; on November 15, 2021, API stock price reached a peak of VND 102,000/share. After the manipulation period, the subjects sold these stocks for a total illegal profit of more than VND 157 billion.

At the investigation agency, the subjects Lang, Hung, Dung, Thanh, Viet and related individuals confessed to the above violations.

Currently, the investigation agency is continuing to expand the investigation of the case.

Source: https://cand.com.vn/Ban-tin-113/su-dung-40-tai-khoan-chung-khoan-tao-cung-cau-gia-thu-loi-bat-chinh-tren-157-ty-dong-i699754/

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