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Vietnamese billionaire tycoon found guilty of defrauding stockholders, sentenced to 21 years

  • The Hanoi People’s Court sentenced Trinh Van Quyet to 21 years in prison after a trial involving 49 defendants, as reported by VN Express.
  • Quyet was found guilty of inflating the value of FLC Faros by reporting fictitious capital contributions before its 2016 public offering.
  • The initial public offering sold 391 million shares to about 30,000 investors, defrauding them of 3.6 trillion Vietnamese dong, about $144 million.
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