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Investor fined for share price manipulation

Update: September, 27/2014 - 09:18
In 2013, Hieu used 17 accounts of other investors at seven securities companies to constantly buy and sell HAR shares, creating a false sense of supply and demand that affected HAR prices. — Photo vietstock.vn

HA NOI (VNS)— The State Securities Commission will fine Pham Thi Hieu, an individual investor on the HCM Stock Exchange, VND300 million ($14,218) for manipulating the share price of real estate developer An Duong Thao Dien Company (HAR).

In 2013, Hieu used 17 accounts of other investors at seven securities companies to constantly buy and sell HAR shares, creating a false sense of supply and demand that affected HAR prices, the SSC said.

Hieu's violation started from the first day HAR listed on HCM City's exchange in January 2013. The shares debuted at VND12,000 ($0.57) per share but were traded around VND9,500 ($0.45) a share. — VNS


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