HCMC – The Hanoi People’s Court yesterday afternoon, May 12, sentenced Do Thanh Nhan, former chairman of Louis Holdings Group, to five years and six months in prison for stock market manipulation.
Pham Thanh Tung, former chairman of Tri Viet Securities Joint Stock Corporation, was sentenced to three years on probation for the same charge.
The three other defendants from the Louis Holding Group also received sentences from the court after a five-day trial.
Trinh Thi Thuy Linh, managing director, got a jail term of 12 months and 22 days, while Vu Ngoc Long, former deputy general director, and Ngo Thuc Vu, general director of Louis Capital JSC, got a prison term of six months.
Do Duc Nam, general director of Tri Viet Securities Company, will stay behind bars for four years. His two subordinates, Le Thi Thu Huong, deputy general director, and Le Thi Thuy Lien, financial services employee, were sentenced to jail terms of 15 years, and 12 years and 22 days, respectively.
The court also banned the defendants from working in the securities and finance industries for one year after serving their prison terms.
The court ordered the retrieval of VND154 billion as compensation for the loss in the case. Tri Viet Securities Company already submitted VND14 billion, while Nhan and Louis Holdings were required to submit VND140 billion to the State.
The indictment stated that Do Duc Nam colluded with Do Thanh Nhan and others for nine months, from January 4 to October 6, 2021, to manipulate the share prices of Louis Capital (TGG), Louis Land (BII), and other companies by using 17 trading accounts to buy and sell them.
Nhan created a group on social media called Louis Family with over 10,000 members and regularly posted articles urging people to buy shares of BII and TGG.
After nine months, the price of BII shares, which initially ranged from VND1,000 to VND5,000, had been inflated, topping VND33,800 per share. Meanwhile, TGG’s shares peaked at VND74,800 per share, up around 42 times over the initial prices.
Nhan and his accomplices sold their shares to make profits.
This illegal trading practice earned them over VND154 billion.
