Convicted Defendants Without Appeals Summoned
On June 17, the Hanoi High-Level People’s Court is expected to reopen the appeal trial for Trinh Van Quyet, former chairman of FLC Group, and 49 accomplices in the case of “Stock Market Manipulation” and “Fraudulent Appropriation of Property.”
The panel of judges will be led by Judge Vo Hong Son, with judges Nguyen Hai Thanh and Ho Sy Hung. Nearly 50 lawyers have registered to defend the defendants.
In total, the case involves 25 defendants, 134 victims, and 396 individuals with related rights and obligations who have filed appeals. The court has also summoned the 25 defendants who did not file appeals.
Defendant Trinh Van Quyet.
In August 2024, Mr. Trinh Van Quyet was sentenced by the Hanoi People’s Court to 18 years in prison for “Fraudulent Appropriation of Property” and 3 years for “Stock Market Manipulation,” totaling 21 years in prison.
Previously, the appeal trial was opened twice but adjourned due to Quyet’s absence. The most recent opening was in March 2025, when the presiding judge informed that Quyet was hospitalized for tuberculosis, acute kidney failure, gastritis, and required oxygen support, according to the 198 Hospital.
Quyet’s sister, Trinh Thi Minh Hue, an accountant at FLC Group, was sentenced to a total of 14 years in prison, while Trinh Thi Thuy Nga, former deputy general director of BOS Securities Company, received an 8-year sentence. Huong Tran Kieu Dung, former vice chairwoman of FLC Group, was sentenced to 8 years and 6 months in prison.
In the group of defendants from government agencies, Tran Dac Sinh, former chairman of HOSE, was sentenced to 6 years and 6 months for “Abuse of Position and Authority while Performing Official Duties.” Le Hai Tra, former member of the Board of Directors and standing deputy general director of HOSE, received a 5-year sentence, and Tram Tuan Vu, former deputy general director and vice chairman of the HOSE Listing Council, was sentenced to 5 years and 6 months in prison.
The remaining defendants received sentences ranging from 15 months probation to 11 years in prison.
In terms of civil liability, Trinh Van Quyet was ordered to compensate investors who purchased ROS shares with 1,364 billion VND and pay an additional 500 billion VND for stock market manipulation, totaling more than 1,800 billion VND.
Trinh Van Quyet as the Mastermind
According to the first-instance verdict, from May 2017 to January 2022, Trinh Van Quyet directed his sister, Hue, and Nga, along with their accomplices, to borrow the identities of employees, relatives, and family members to establish companies, open securities and bank accounts.
The defendants then manipulated the market for five stocks: AMD, HAI, GAB, FLC, and ART. After the stock prices rose, Quyet instructed the sale of the shares, illegally profiting over 723 billion VND.
Defendants during the first-instance trial.
Additionally, from 2014 to September 2016, Trinh Van Quyet instructed the leadership and employees of Faros Company (ROS stock code), companies within the FLC ecosystem, and relatives and family members to register as shareholders to contribute capital. They employed various schemes, including establishing and signing fictitious capital contribution documents, to inflate Faros Company’s charter capital from 1.5 billion VND to 4,300 billion VND.
During the appeal trial in March 2025, the court announced that Quyet’s family had compensated 976 billion VND.
The first-instance court determined that Trinh Van Quyet played the role of mastermind in organizing and committing the crimes. The former FLC chairman directed the purchase of Faros Company, inflated its capital, listed its shares on the stock exchange, and profited illegally from their sale.
Furthermore, Quyet instructed his subordinates to borrow identity cards to open securities accounts, place buy and sell orders to create false supply and demand, and inflate stock prices to defraud investors.
Hue, Nga, and Huong Tran Kieu Dung were accomplices, with Hue being the most active in committing the crimes and aiding her brother in profiting illegally.
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