Trinh Van Quyet, former chair of FLC Group, was found to have directed his younger sister and relatives to establish 20 companies and use the identity cards of 26 relatives to open 450 securities trading accounts, according to the Ministry of Public Security.
The ministry’s Investigative Police Agency today, June 7, issued an announcement looking for investors affected by a stock market manipulation case linked to FLC Group, BOS Securities Company, and other affiliated businesses, reported the local media.
The investigation found that between September 1, 2016, and January 10, 2022, Quyet ordered his younger sister Trinh Thi Minh Hue, an accountant at FLC Group, to contact their relatives to establish 20 firms.
The accused also borrowed and used the identity cards of 26 relatives to open 450 securities accounts at 41 securities firms, with 120 accounts opened at BOS Securities. They aimed at constantly trading the same stock via cross trading to create artificial supply and demand and manipulate the prices of six stock codes.
The stock codes included FLC of FLC Group JSC, ROS of FLC Faros Construction JSC, ART of BOS Securities Corporation, HAI of HAI Agrochem JSC, AMD of FLC Stone Mining And Investment JSC, and GAB of FLC Mining Investment & Asset Management JSC.
They had made illegal gains and harmed investors on the market through their malpractices, said the investigators.
Therefore, the investigators asked the affected investors who bought FLC shares from September 23, 2020, to January 10 this year; ROS shares from September 1, 2016, to date; ART shares from January 2 to June 11 last year; HAI shares from June 26, 201,7 to February 9, 2018; AMD shares from May 26 to July 13 in 2017; and GAB shares between December 19, 2019, and November 27, 2020, to contact the Ministry of Public Security before June 29 this year to address the issue.
On March 29 this year, the investigators detained Quyet on alleged charges of stock market manipulation. They then pressed charges against the two younger sisters of Quyet, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, and two FLC officials, Huong Tran Kieu Dung and Nguyen Quynh Anh, for allegedly assisting Quyet with manipulating the stock market.