Mr. Trinh Van Quyet was sentenced to 21 years in prison.

Mr. Quyet was sentenced to 18 years in prison by the Hanoi People's Court for the crime.Fraudulent appropriation of propertyand 3 years in prisonStock market manipulation.

For the same two crimes as his brother, Mr. Quyet's two younger sisters, Trinh Thi Minh Hue, an officer of the FLC Group's Accounting Department, and Trinh Thi Thuy Nga, former deputy general director of BOS Securities Company, were sentenced to 14 and 8 years in prison, respectively. Defendant Huong Tran Kieu Dung, former permanent vice chairwoman of the FLC Group's Board of Directors, was sentenced to 8 years and 6 months in prison.

In crimeAbuse of position and power while performing official duties, Mr. Tran Dac Sinh, former Chairman of the Board of Directors of HoSE, sentenced to 6 years and 6 months; Le Hai Tra, former member of the Board of Directors, permanent Deputy General Director of HoSE, 5 years in prison; Tram Tuan Vu, former Deputy General Director, Deputy Chairman of the Listing Council of HoSE, 5 years and 6 months.

In the verdict announced on the afternoon of August 5, the Trial Council said that the sentencing process comprehensively considered the role of each defendant, the nature and severity of the crime, the cause, circumstances and conditions of the crime, and the awareness of remedying the consequences.

Mr. Quyet was considered for many mitigating circumstances in addition to his sincerity and active efforts to remedy the consequences. The trial panel noted that Mr. Quyet and the FLC Group, during their operations, had built many projects in remote areas of Ninh Binh, Quang Ninh, Thanh Hoa... and these localities submitted petitions for a reduced sentence.

The court also considered reducing the sentence for defendants who are relatives, husband and wife, father and son, and 11 people in the same family.

The Hanoi People's Court determined that 25,853 investors were those who had bought ROS shares without knowing that Mr. Trinh Van Quyet and his accomplices had used fraudulent tricks to inflate the value of the shares to appropriate their money. The crime was completed at the time the defendants appropriated VND3,621 billion from the investors. Therefore, the 25,853 investors who bought the initial sale of ROS shares as mentioned above were identified as victims.

The number of ROS shares listed on the stock exchange from September 1, 2016 to September 5, 2022 has been delisted. To date, there are 63,075 investors still owning ROS shares, not counting the shares in the names of the defendants.

"These investors did not directly buy shares sold by Trinh Van Quyet and his accomplices in the first batch, and were not directly defrauded by the defendants, so they are not identified as victims," ​​the court stated.

But according to the court, they are the ones who own ROS shares with inflated values, "partly suffering the consequences of those actions", so it is necessary to bring these investors into the case as people with related rights and obligations to consider ensuring their rights.

During the days of questioning at the trial, the 50 defendants quickly admitted to the actions as charged. Mr. Quyet expressed his wish to be given favorable conditions to handle the assets that were being seized and frozen, estimated at 5,000 billion VND, to resolve the consequences of the case.

The Procuracy assessed this as a sophisticated case with new tricks. Many defendants had deep knowledge and influence in securities but used their knowledge for personal gain; some securities officials recognized the irregularities but still "assisted and facilitated" Trinh Van Quyet to embezzle an "exceptionally large" amount of money.

In his final words, Mr. Quyet and his two sisters cried and apologized to the defendants, who were relatives, for believing in them and getting into trouble with the law. Defendant Quyet considered this a lesson that would haunt him for the rest of his life, because he pursued his ambitions too far and forgot the limits of the law.

Seven former securities industry officials expressed regret and proposed changes and improvements to the law so that their successors can "work with peace of mind".

The Procuracy accused Mr. Quyet, when he was chairman of FLC Group, of building an ecosystem of 82 companies, including Faros, which was acquired in 2011 with a charter capital of VND1.5 billion. Mr. Quyet and his accomplices then used fraudulent tricks to inflate the capital to VND4,300 billion and listed it on the Ho Chi Minh City Stock Exchange (HoSE).

The Procuracy assessed this as an act of fraud and property appropriation when more than 25,000 investors had purchased ROS shares, with a total value of more than VND 3,620 billion.

With crimeStock market manipulation, the prosecution accused Mr. Quyet and his accomplices of asking relatives to register 20 companies and 500 securities accounts, then using them to buy and sell a large number of 5 FLC stocks including GAB, HAI, FLC, AMD and ART, thereby earning a profit of more than 700 billion VND.

Mr. Quyet was recorded by the Procuracy as having paid 237 billion VND, about 5% of the damage in the case (more than 4,300 billion VND). The other defendants paid a total of 6 billion VND.

Details of the sentences for the defendants:

Defendants charged with "Stock Market Manipulation" and "Fraudulent Appropriation of Property":

1. Trinh Van Quyet, former Chairman of FLC Group, 18 years in prison for fraud and 3 years in prison for manipulation, totaling 21 years in prison.

2. Trinh Thi Minh Hue, an officer of the FLC Group's Accounting Department (Trinh Van Quyet's younger sister), sentenced to a total of 14 years in prison.

3. Trinh Thi Thuy Nga, Deputy General Director of BOS Securities Company (Mr. Quyet's sister), sentenced to a total of 8 years in prison.

4. Huong Tran Kieu Dung, Permanent Vice Chairman of the Board of Directors of FLC Group, sentenced to 8 years and 6 months in prison.

5. Trinh Van Dai, Deputy General Director of FLC Faros Construction Joint Stock Company (Trinh Van Quyet's cousin), sentenced to a total of 11 years in prison.

6. Nguyen Van Manh, Head of the purchasing department of FLC Land Company (brother-in-law of Trinh Van Quyet, husband of Trinh Thuy Nga), sentenced to a total of 6 years in prison.

7. Trinh Tuan, Director of FLC Land Company (nephew of Trinh Van Quyet), total sentence of 4 years and 6 months in prison.

8. Nguyen Thi Hong Dung (wife of Nguyen Quang Trung, relative of Trinh Van Quyet), total of 4 prisoners.

Crime of Stock Market Manipulation:

9. Nguyen Quynh Anh, General Director of BOS Securities Joint Stock Company, 24 months in prison.

10. Chu Tien Vuong, former permanent vice chairman of the Board of Directors of BOS Company, 24 months in prison.

11. Nguyen Thi Thanh Phuong, Head of Securities Services Department, BOS Securities Joint Stock Company, 20 months in prison.

12. Bui Ngoc Tu, Deputy Head of Securities Services Department, BOS Securities Joint Stock Company, 20 months in prison.

13. Nguyen Thi Thu Thom, Deputy Head of Securities Services Department, BOS Securities Joint Stock Company, 20 months in prison.

14. Quach Thi Xuan Thu, Chief Accountant of BOS Securities Joint Stock Company, 16 months in prison.

15. Tran Thi Lan, Chief Accountant of BOS Securities Joint Stock Company, 16 months in prison.

16. Trinh Van Nam, employee of Tre Viet Aviation Joint Stock Company (Mr. Quyet's nephew, son of defendant Trinh Van Dai), 15 months suspended sentence.

17. Trinh Thi Thanh Huyen, employee of FLC Homes Company (Mr. Quyet's cousin), 15 months suspended sentence.

18. Nguyen Thi Nga, employee of the Accounting Department, FLC Group (Mr. Quyet's niece), 15 months suspended sentence.

19. Hoang Thi Hue, employee of FLC Digital Trading and Services Joint Stock Company (Mr. Quyet's niece), 15 months suspended sentence.

20. Do Thi Huyen Trang, Deputy Head of Accounting Department, FLC Group (Mr. Quyet's niece), 15 months suspended sentence.

21. Nguyen Quang Trung, driver of Ha Thanh General Hospital (Mr. Quyet's brother-in-law), 15 months suspended sentence.

Crime of Fraudulent Appropriation of Property:

22. Do Nhu Tuan, former general director of Faros Construction Joint Stock Company, 7 years in prison.

23. Do Quang Lam, former general director of Faros Construction Joint Stock Company, 6 years in prison.

24. Nguyen Van Thanh, former head of the Board of Supervisors of Faros Construction Joint Stock Company, 7 years in prison.

25. Dam Mai Huong, former chief accountant of Faros Construction Joint Stock Company, 3 years in prison.

26. Nguyen Binh Phuong, former Chairman of the Board of Directors of FLC Faros Construction Joint Stock Company, 5 years in prison.

27. Hoang Thi Thu Ha, Accountant of FLC Land LLC (Mr. Quyet's cousin), 7 years and 6 months in prison.

28. Nguyen Tien Dung, former general director of Faros Construction Joint Stock Company; (Mr. Quyet's friend), 5 years in prison.

29. Le Thanh Vinh, former Chairman of the Board of Directors of Faros Construction Joint Stock Company, 3 years in prison.

30. Nguyen Thanh Binh, former Deputy General Director of FLC Group, Chairman of RTS Company, (from the same hometown as Mr. Quyet), 6 years in prison.

31. Le Tan Son, former Deputy Chief of Office, Secretary of the Board of Directors of FLC Group, 3 years in prison.

32. Tran The Anh, Deputy General Director of FLC Group, 3 years in prison.

33. Dang Thi Hong, former deputy head of the Legal Department, FLC Group Corporation, 30 months suspended sentence.

34. Le Van Sac, Chairman of the Board of Directors of Alaska Real Estate Investment Joint Stock Company and Director of FLC Land Company, 30 months suspended sentence.

35. Truong Van Tai, employee of FLC Group Corporation Office (driver for Mr. Quyet), 30 months suspended sentence.

36. Nguyen Minh Diem, administrative and human resources staff of BOS Securities Joint Stock Company, 24 months suspended sentence.

37. Trinh Thi Ut Xuan, employee of FLC Digital Services Company, 30 months suspended sentence.

38. Pham Thanh Huong, Accountant of Sevin Investment Company Limited, 30 months suspended sentence.

39. Pham Thi Hai Ninh, former deputy head of investment department of FLC Group, 30 months suspended sentence.

40. Nguyen Thien Phu, Deputy General Director and Chief Accountant of FLC Faros Construction Joint Stock Company, 5 years in prison.

41. Nguyen Ngoc Tinh, Chairman and former General Director of Hanoi Auditing and Accounting Company, 6 years in prison.

42. Le Van Tuan, Auditor of Hanoi Auditing and Accounting Company, 5 years and 6 months in prison.

43. Tran Thi Hanh, Deputy General Director of TTP Auditing Company Limited, 4 years in prison.

Crime of Abusing position and power while performing official duties:

44. Tran Dac Sinh, former Chairman of the Board of Directors of Ho Chi Minh City Stock Exchange, 6 years and 6 months in prison.

45. Le Hai Tra: Former member of the Board of Directors, Permanent Deputy General Director, independent member of the Listing Council of Ho Chi Minh City Stock Exchange, 5 years in prison.

46. ​​Tram Tuan Vu, former Deputy General Director, Deputy Chairman of the Listing Council of Ho Chi Minh City Stock Exchange, 5 years and 6 months in prison.

47. Le Thi Tuyet Hang, former Director of Listing Management and Appraisal Department, member of the Listing Council of Ho Chi Minh City Stock Exchange, 3 years suspended sentence.

Crime of Disclosing false information or concealing information in securities activities:

48. Le Cong Dien, former Head of the Department of Public Company Supervision under the State Securities Commission, 36 months in prison.

49. Duong Van Thanh, former General Director of Vietnam Securities Depository, 24 months in prison.

50. Pham Trung Minh, former Head of Securities Registration Department of Vietnam Securities Depository, 18 months suspended sentence.

Regarding the defendant Doan Van Phuong (former General Director of FLC Group, Chairman of the Board of Directors of Faros Construction Joint Stock Company), he is on the run so the police are searching for him and will arrest him later to deal with him.