Vietnamese Billionaire Sentenced to 21 Years for $150 Million Fraud

Trinh Van Quyet, founder of FLC Group, convicted in major anti-corruption crackdown involving 49 defendants.

Quyet inflated the value of FLC Faros before its 2016 IPO, defrauding 30,000 investors.
His co-defendants included officials from Vietnam’s State Securities Commission and Securities Depository Center.
The anti-corruption campaign, led by the late Nguyen Phu Trong, has intensified since 2018.
Quyet’s sisters and several high-ranking officials also received prison sentences.
The crackdown has led to the arrest of several prominent business figures in Vietnam.