23 individuals fined for lending accounts to manipulate GKM stocks

ANTD.VN - The State Securities Commission has fined 23 individuals for lending their accounts to Mr. Nguyen Viet Ha to manipulate GKM shares of GKM Holdings Joint Stock Company.

The State Securities Commission (SSC) has just issued a decision on administrative sanctions against 23 individuals who lent accounts to trade securities, leading to violations of stock market manipulation.

According to the decision, these individuals lent Mr. Nguyen Viet Ha their accounts to trade securities, leading to the manipulation of GKM stock prices of GKM Holdings Joint Stock Company (formerly Khang Minh Group Joint Stock Company) in the period from August 2, 2021 to January 28, 2022.

At the same time, based on the results of inspection and supervision, there is no basis to show that the 23 individuals mentioned above have any illegal profits from the violations.

Therefore, the State Securities Commission has issued a decision on applying preventive measures to prevent violations of the law on securities and the securities market against the 23 individuals mentioned above, including: banning securities transactions for a period of 2 years from November 14, 2024; banning 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 a period of 02 years from November 14, 2024.

Previously, at the end of December 2023, the State Securities Commission decided to administratively sanction Mr. Nguyen Viet Ha, former CEO of Khang Minh Group, for manipulating GKM stock prices.

Mr. Nguyen Viet Ha was fined VND 1.5 billion and banned from securities trading for a period of 2 years from October 9, 2023; banned 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 from October 9, 2023.

During the period when Mr. Nguyen Viet Ha manipulated GKM shares, this stock skyrocketed, from the price range of 14,600 VND/share to around 52,000 VND/share in less than half a year.

However, since mid-2022, this stock has fallen sharply and has now fallen to a price range below VND 7,000/share. The most recent major decline of this stock occurred in early September, from a price range of VND 35,000/share. Notably, in the last 2 sessions, GKM's market price suddenly increased to the ceiling, despite the market falling sharply.

Source: https://www.anninhthudo.vn/xu-phat-23-ca-nhan-vi-cho-muon-tai-khoan-de-thao-tung-co-phieu-gkm-post595631.antd