The State Securities Commission of Vietnam (SSC) has issued a decision to impose administrative penalties and preventive measures against two individuals for manipulating the shares of Petro Times Joint Stock Company (PPT).
Based on surveillance and inspection results, the SSC fined Ms. Nguyen Thi Nhung (Tien Lang, Hai Phong) and Ms. Pham Thi Huong (Tien Minh, Hai Phong) VND 1.5 billion each for market manipulation.
Two individuals fined VND 3 billion for using 19 accounts to artificially create supply and demand, manipulating stock prices.
Specifically, from June 17, 2022, to October 17, 2024, Ms. Nhung and Ms. Huong used 19 accounts to continuously buy and sell PPT shares, artificially creating supply and demand to manipulate the stock market.
Inspection results revealed no illegal profits from their activities.
The SSC imposed preventive measures, including a two-year ban on securities trading and holding positions in securities companies or fund management firms, effective from November 17, 2025.
Additionally, for lending their accounts to Ms. Nhung and Ms. Huong, 15 individuals in Hai Phong were also penalized. These individuals were suspended from securities trading for nine months. No illegal profits were identified from their violations. They also face a two-year ban on securities trading and holding positions in securities companies or fund management firms, starting November 17, 2025.
Apart from individual penalties, the SSC also fined several companies.
LPBank Securities Joint Stock Company (LPBS) was fined a total of VND 887.5 million for various violations, including: exceeding investment limits for securities companies; over-lending margin trading beyond account limits for certain customers; providing securities services without prior notification to the SSC; failing to report required information; inadequate staffing structure; and inaccurate information in private bond issuance documents.
The most significant fine, VND 250 million, was for providing securities services without notifying the SSC. The company offered account freezing and unfreezing services, as well as asset monitoring for customers and third parties to track collateral value under loan agreements, without prior written notification to the SSC.
LPBS was also fined VND 225 million for inaccurate information in the bond issuance document LPBL2326009.
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