The State Securities Commission Thursday fined three individuals VND300 million (US$14,000) each for manipulating stock prices.
According to the securities watchdog, besides their own stock accounts, Thai Thuy Tuyet Ngan, Nguyen Van Vinh, and Do Thi Thanh Thuy used accounts of many other people and coordinated with each other to create false demand by purchasing a large number of shares in Cai Lay Veterinary Pharmaceutical JSC between April 1 and December 24 last year.
Their scheme boosted Cai Lay shares on the Hanoi Stock Exchange to a record VND76,000 in late August, significantly higher than the price of VND12,000 on April 1.
The group then sold off the shares to pocket huge profits, sending their value crashing at the end of 2010. Cai Lay stocks are now trading at around VND14,000 each.