Investor fined for rigging Sacombank's shares price

Friday, May 23, 2008
The State Securities Commission (SSC) Wednesday slapped a fine of VND100 million (US$6,250) on a trader for unduly “influencing” the Ho Chi Minh City stock market.

Truong Dinh Khoi regularly placed huge buy and sell orders for Saigon Thuong Tin Joint Stock Commercial Bank (Sacombank - coded STB) between January 28 to February 22.

Between just February 20 and 22, for instance, placed sell orders for 1,252,100 Sacombank stocks, accounting for 13.32% of the market volume.

He placed 107 sell orders, switching from negotiated settlements to order-matching to create new opening and closing prices for the stock, causing fluctuations in both its price and the VN-Index.