Vietnamese Tycoon's Jail Term Reduced in $146 Million Stock Fraud
Appeal court slashes FLC empire owner Trinh Van Quyet's sentence from 21 years to seven.
A Vietnamese appeal court has reduced the jail sentence of a former property and aviation tycoon in a significant stock fraud and market manipulation case.
Trinh Van Quyet, the owner of the FLC empire, which includes luxury resorts, golf courses, and budget carrier Bamboo Airways, initially received a 21-year jail term in August for his involvement in fraud, stock manipulation, abuse of power, and publishing false stock information.
The court proceedings were conducted over a span of 10 days in Hanoi.
The appeal court dropped Quyet's three-year term for market manipulation and reduced his 18-year sentence for fraud to seven years.
Other defendants also received reduced jail terms as part of the appeal court's ruling.
The case involved the tycoon setting up stock market brokerages and registering numerous family members to trade shares, leading to a significant increase in stock value through unfulfilled buy orders.
The court established that Quyet unlawfully obtained over $146 million between 2017 and 2022 by defrauding approximately 25,000 victims.
Additionally, the appeal court received 5,000 letters from victims, FLC staff, associations, and local authorities requesting a reduction in punishment for Quyet.
This case is part of Vietnam's broader national corruption crackdown, which has targeted numerous officials and members of the country's business elite in recent years.
The tycoon's family compensated nearly $96 million towards the losses incurred by victims as part of their appeal.
Trinh Van Quyet, the owner of the FLC empire, which includes luxury resorts, golf courses, and budget carrier Bamboo Airways, initially received a 21-year jail term in August for his involvement in fraud, stock manipulation, abuse of power, and publishing false stock information.
The court proceedings were conducted over a span of 10 days in Hanoi.
The appeal court dropped Quyet's three-year term for market manipulation and reduced his 18-year sentence for fraud to seven years.
Other defendants also received reduced jail terms as part of the appeal court's ruling.
The case involved the tycoon setting up stock market brokerages and registering numerous family members to trade shares, leading to a significant increase in stock value through unfulfilled buy orders.
The court established that Quyet unlawfully obtained over $146 million between 2017 and 2022 by defrauding approximately 25,000 victims.
Additionally, the appeal court received 5,000 letters from victims, FLC staff, associations, and local authorities requesting a reduction in punishment for Quyet.
This case is part of Vietnam's broader national corruption crackdown, which has targeted numerous officials and members of the country's business elite in recent years.
The tycoon's family compensated nearly $96 million towards the losses incurred by victims as part of their appeal.
