Former FLC chairman Trinh Van Quyet seen at the People’s Court of Hanoi on Aug. 5, 2024. Photo by VnExpress/Giang Huy
Former FLC chairman Trinh Van Quyet has appealed for a reduction in his year jail sentence and the compensation he has to pay victims of his fraud and pump-and-dump schemes.
He was given a 21-year sentence in July by the People’s Court of Hanoi for defrauding 27,800 investors into buying shares of a FLC subsidiary through various illegal acts.
His sisters Trinh Thi Minh Hue and Trinh Thi Thuy Nga got 14 and eight years for abetting him.
The three were also ordered to pay VND1.7 trillion in compensation. They have all appealed for commutation of their sentences.
While Quyet also sought a reduction in the compensation amount, his sisters asked to be relieved of the responsibility of paying compensation.
Of the 50 convicted, 25 have appealed, seeking reduced sentences or re-examination of the charges against them.
Quyet was also found guilty of orchestrating a scheme to falsely inflate FLC Faros Construction’s capital to VND4.3 trillion from the actual VND1.5 billion to facilitate its listing on the Ho Chi Minh Stock Exchange.
The court identified more than 25,800 investors as victims who purchased shares in FLC Faros Construction. For this, Quyet was found guilty of fraudulent appropriation of assets.
He was also found guilty of manipulating the stock market by directing Hue, an accountant at property developer FLC, to open 500 stock accounts in the names of 45 associates, which were used to trade the stocks of FLC and its four subsidiaries back and forth.
In their final statements in court, Quyet and his sisters expressed remorse, apologizing to the other defendants, all family members, for involving them in criminal actions and abusing their trust. So far he has paid up VND237 billion in compensation.
