Trinh Van Quyet Sentenced for Stock Fraud

Trinh Van Quyet, a prominent Vietnamese business tycoon and founder of FLC Group, was sentenced to 21 years in prison for defrauding stockholders of nearly $150 million by falsely inflating his company's value. The Hanoi People's Court found that Quyet inflated the value of his subsidiary, FLC Faros, through fictitious capital contributions before its 2016 public offering, misleading around 30,000 investors. His actions resulted in a loss of approximately 3.6 trillion Vietnamese dong (about $144 million). The trial also implicated officials from Vietnam's State Securities Commission, who were found complicit in the fraudulent scheme. Quyet's case is a significant part of Vietnam's broader anti-corruption campaign, which intensified under the late Communist Party General Secretary Nguyen Phu Trong. Quyet was arrested in 2022, amidst increasing scrutiny of corrupt practices in the private sector.