The State Securities Commission (SSC) found Huynh Thanh Minh and Bui Quang Thanh, both individual investors on the Ho Chi Minh City market, guilty of “illegal cooperation” in securities trading.
According to the commission, the two worked together to create fake demand and rig the prices of VietFund’s mutual fund VFMVF1.
The SSC slapped Minh with a VND60 million penalty, VND30 million of which was for creating fake demand and rigging stock prices, while the rest was for soliciting other investors to by and sell.
Thanh was hit with a VND100 million fine, split evenly for the same two illegalities.
But the market regulator did not disclose whom they might have been in collusion with, nor was any information released on the difference of the fining rate.
The two men are the second set of investors to be fined for stock rigging.
The fine amount is the lowest possible for such an offense, with the maximum being VND50 million.
Earlier this month SSC also imposed a VND30 million ($1,589) fine on Nguyen Diem Khanh, a director of the Ho Chi Minh City-based LiLi Joint Stock Company for a similar violation.
Further details have yet to be released on that case.
The SSC’s actions had hit protests from investors who are indignant that the SSC took nearly one month to carry out the fines after making the decision on May 30.
Investors, both individuals and institutions, were unhappy with the market regulator’s handling of the situation.
Many investors see providing full and immediate information on each case immediately as necessary to protecting investors’ benefits.
They also urged the SSC to levy more drastic penalties on offenders in such cases.
The Vietnamese securities watchdog announced Wednesday it would fine two investors a total of VND160 million (US$9,925) for manipulating stocks.
Source: Thanh Nien
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