The State Securities Commission has fined a man more than VND1 billion (US$44,500) for manipulating stock prices.
According to the securities watchdog, besides his two own stock accounts, Hoang Duc Dung of Hanoi’s Cau Giay District used 24 accounts belonging to many other people to simulate demand for Tai Nguyen JSC’s shares by buying a large quantity between June 9 and July 24 last year.
He was fined VND550 million ($24,500) for violating regulations and also forced to turn in VND491 million ($21,870) he had earned from the illegal transaction, Tuoi Tre newspaper said.
Tai Nguyen JSC, headquartered in Hanoi, is engaged in real estate and the mining and processing of minerals.
The firm’s stocks are now traded at around VND28,700 ($1.3), up from VND2,000 in early 2015.