The State Securities Commission (SSC) has fined Nguyen Huu Duc, a resident of Danang city, VND1.5 billion ($61,700) and banned him from trading stocks for using 76 accounts to manipulate the stock market.
The market watchdog also banned Duc from holding any management positions at securities companies, securities investment fund management companies, and foreign fund management companies.
Both the prohibitions will be effective for two years, starting from November 8.
Authorities determined that from January 4, 2022 to June 17, 2022, Duc used his own securities account and 75 others belonging to 21 investors to buy, sell, and trade shares in First Real Estate JSC, listed on the Ho Chi Minh Stock Exchange as FIR, to create artificial supply and demand and manipulate the stock's price.
The SSC said there was no illicit gains derived from the violations.
During that time, the price of FIR increased nearly 50%, and peaked at VND36,500 ($1.5) per share in April 2023 before starting to slide.
FIR closed the Friday trading session at VND20,900 ($0.86).