17 individuals were banned from trading securities for two years

According to the State Securities Commission, Ms. Bui Thi Phuong Thuy (residing in Hanoi City) is the person who directly manipulated stocks of Phuong Anh International Joint Stock Company (PAS) from the beginning of 2021 to the end of 2022. Ms. Thuy used 19 accounts to continuously buy and sell to create price supply and demand. These accounts were lent by 16 people, mainly in Hanoi, Hung Yen and Bac Ninh.

PAS shares fluctuated strongly during the period of manipulation. From around 10,000 VND in early 2021, the market price sometimes jumped to 25,000 VND, then decreased 5 times within half a year. From the end of 2022 until now, stocks have always traded below par value.

The State Securities Commission said no illegal income was detected from Ms. Thuy’s violation. However, this agency fined Ms. Thuy 1.5 billion VND and banned her from trading securities and holding positions at securities companies and investment funds for two years. The remaining 16 individuals received the same decision, minus the fine.

According to regulations, the highest administrative penalty in the securities sector is a permanent ban from trading and holding positions.

The State Securities Commission has recently discovered many cases of stock manipulation. The common point is that the market management agency does not record illegal revenues after the inspection process.

At the end of last year, this agency fined an individual in Ho Chi Minh City for using 92 accounts to continuously buy and sell AGG shares of An Gia Real Estate Investment and Development Joint Stock Company (AGG). Most recently, singer Khanh Phuong was fined 100 million VND for selling shares of Song Da 1.01 Joint Stock Company (SJC) without prior notice as a member of the Board of Directors of this enterprise.