A Vietnamese appeals court cut the prison sentence for businessman Trinh Van Quyet from 21 years to just seven years Thursday. The former tycoon had been convicted of fraud and stock market crimes worth $146 million. Quyet built the FLC business empire that controlled luxury resorts, golf courses and Bamboo Airways. Courts had found him guilty along with 49 other people last August. The appeal judges reduced his punishment after his family paid nearly $96 million to victims.
The original trial showed Quyet created fake stock trading companies and used dozens of family members as pretend traders. Police discovered he placed thousands of fake buy orders that made stock prices go up. He would cancel these orders before they went through. This scheme let him steal more than $146 million between 2017 and 2022. The fraud hurt about 25,000 people who lost money.
The appeals court received 5,000 letters asking for a lighter sentence for Quyet. These letters came from victims, company workers and local government officials. The court removed his three-year sentence for market manipulation completely. Judges also cut his 18-year fraud sentence down to seven years. Several other defendants also received shorter prison terms during the hearing that lasted 10 days.
This case represents part of Vietnam's larger fight against corruption. The government has arrested many officials and business leaders across the country. The crackdown has targeted people who abused their power for personal gain.
The original trial showed Quyet created fake stock trading companies and used dozens of family members as pretend traders. Police discovered he placed thousands of fake buy orders that made stock prices go up. He would cancel these orders before they went through. This scheme let him steal more than $146 million between 2017 and 2022. The fraud hurt about 25,000 people who lost money.
The appeals court received 5,000 letters asking for a lighter sentence for Quyet. These letters came from victims, company workers and local government officials. The court removed his three-year sentence for market manipulation completely. Judges also cut his 18-year fraud sentence down to seven years. Several other defendants also received shorter prison terms during the hearing that lasted 10 days.
This case represents part of Vietnam's larger fight against corruption. The government has arrested many officials and business leaders across the country. The crackdown has targeted people who abused their power for personal gain.
