HCMC – The Hanoi People’s Court today, August 5, sentenced Trinh Van Quyet, former chairman of FLC Group, to 21 years in prison for stock market manipulation and fraud.
After a 14-day trial, the court found Quyet and 49 others guilty of manipulating the stock market and defrauding investors. He received three years for market manipulation and 18 years for fraud.
Trinh Thi Minh Hue, Quyet’s sister and a senior accountant at FLC Group, was sentenced to 14 years behind bars. Trinh Thi Thuy Nga, another sister and deputy general director of BOS Securities Company, got an eight-year jail term.
Huong Tran Kieu Dung, FLC’s vice chairperson, got a prison term of eight and a half years. Quyet’s cousin, Trinh Van Dai, deputy general director of FLC Faros Construction JSC, received 11 years in jail.
Between 2017 and 2022, Quyet directed his relatives and FLC employees to establish companies and open stock trading and bank accounts. These were used to manipulate the prices of five company stocks: AMD, HAI, GAB, FLC, and ART. This pump-and-dump scheme caused investors to lose an estimated VND723 billion.
On January 10, 2022, Quyet sold over 76.7 million FLC shares without proper disclosure, earning nearly VND1.7 trillion.
In a separate fraud case, Quyet was found guilty of inflating the charter capital of FLC Faros Construction JSC. The company’s registered capital rose from a mere VND1.5 billion in 2011 to VND4.3 trillion by 2016. Quyet used this inflated valuation to list 430 million ROS shares, defrauding investors of more than VND3.6 trillion.
