The State Securities Commission of Vietnam (SSC) has issued a series of administrative penalty decisions and preventive measures to combat securities market manipulation. These actions target individuals involved in market manipulation and those who lent their trading accounts to facilitate such activities, specifically concerning the shares of Petro Times Joint Stock Company (stock code: PPT).
Two Individuals Penalized for Manipulating PPT Shares
According to Decision No. 881/QĐ-XPHC dated November 12, 2025, the SSC imposed administrative penalties on Ms. Nguyen Thi Nhung (address: Trieu Dong, Tien Lang, Hai Phong) and Ms. Pham Thi Huong (address: Tien Minh Commune, Hai Phong).
Both Ms. Nhung and Ms. Huong were fined VND 1.5 billion each for their involvement in market manipulation activities.
From June 17, 2022, to October 17, 2024, the two individuals used 19 trading accounts to continuously buy and sell PPT shares, creating artificial supply and demand to manipulate the market, in violation of Article 12, Clause 3 of the Securities Law.
Investigations revealed that neither Ms. Nhung nor Ms. Huong gained any unlawful profits from these activities.
Based on Decision No. 881/QĐ-XPHC, the SSC issued Decision No. 883/QĐ-UBCK, imposing preventive measures on both individuals.
Consequently, they are banned from securities trading for two years, starting November 17, 2025. Additionally, they are prohibited from holding positions in securities companies, investment fund management companies, branches of foreign securities companies in Vietnam, and securities investment companies for the same period.
15 Individuals Penalized for Lending Trading Accounts
In connection with the above case, the SSC issued Decision No. 882/QĐ-XPHC and Decision No. 884/QĐ-UBCK, penalizing 15 individuals who lent their trading accounts to Ms. Nhung and Ms. Huong, enabling the market manipulation of PPT shares from June 17, 2022, to October 17, 2024.
The 15 individuals are: Ms. Bui Thi Thanh, Ms. Do Trieu Ha Thi, Ms. Luu Thi Nham, Mr. Mai Xuan Phong, Ms. Nguyen Thi Thu, Mr. Nguyen Van Man, Mr. Pham Quang Hung, Ms. Pham Thi Chot, Ms. Pham Thi Ha, Ms. Pham Thi Khan, Ms. Pham Thi Som, Mr. Pham Van Khai, Mr. Pham Van Nam, Mr. Pham Van Tam, and Ms. Vu Le Hang.
These individuals have been suspended from securities trading for nine months for lending their accounts, which facilitated market manipulation. There is no evidence to suggest they gained any unlawful profits from these activities.
Additionally, they are banned from securities trading for two years, starting November 17, 2025, and prohibited from holding positions in securities companies, investment fund management companies, branches of foreign securities companies in Vietnam, and securities investment companies during this period.
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