Vietnam $28m stock pump-and-dump trial opens

HO CHI MINH CITY -- Vietnam started the trial Monday of a property and airline mogul accused of stock manipulation worth 723 billion dong ($28 million), part of a national corruption crackdown that has toppled top political and business leaders, including a woman on death row.

Prosecutors accused Trinh Van Quyet of pumping up share prices at real estate firm FLC by faking contracts, receipts, and capital contributions to create a facade of robust finances. The founder directed his sister to use 45 people's ID cards to open 500 accounts and make false trades from 2017 to 2022 until "FLC stock prices were inflated to sky-high levels," the government said in a post in February.