On July 26, the trial transitioned to the arguments phase, where the prosecutor presented the case against the accused.

The prosecutor suggested a prison term of 19-20 years for fraud and an additional 5-6 years for market manipulation, culminating in a total sentence of 24-26 years.

Additionally, the prosecutor proposed the following sentences for other defendants:

- Trinh Minh Hue (Accountant, FLC Group): 17-19 years for fraud and market manipulation.

- Trinh Thuy Nga (Accountant, FLC Group; Board Member and Deputy CEO of BOS Securities): 10-12 years for fraud and market manipulation.

- Huong Tran Kieu Dung (Deputy Chair of FLC Group; Chair of BOS Securities): 11-13 years for fraud and market manipulation.

- Nguyen Thien Phu (Accountant, FLC Group; Deputy CEO of Faros): 6-7 years for fraud.

- Nguyen Quynh Anh (CEO of BOS Securities): 4-5 years for market manipulation.

- Nguyen Thi Thanh Huong (Head of Securities Services, BOS Securities): 30-36 months for market manipulation.

- Nguyen Thi Thu Thom (Deputy Head of Securities Services, BOS Securities): 30-36 months for market manipulation.

- Bui Ngoc Tu (Deputy Head of Securities Services, BOS Securities): 30-36 months for market manipulation.

- Tran Thi Lan (Chief Accountant, BOS Securities): 24-30 months for market manipulation.

- Quach Thi Xuan Thu (Chief Accountant, BOS Securities): 24-30 months for market manipulation.

- Trinh Van Dai (Deputy CEO, Faros): 14-16 years for fraud and market manipulation.

- Nguyen Van Manh (Procurement Team Leader, FLC Land): 7-9 years for fraud and market manipulation.

- Trinh Van Nam (Employee, Bamboo Airways): 18-24 months for market manipulation.

- Nguyen Quang Trung (Driver, Ha Thanh General Hospital): 18-24 months for market manipulation.

- Nguyen Thi Hong Dung (Freelancer): 5 years 6 months to 6 years for fraud and market manipulation.

- Trinh Thi Thanh Huyen (Employee, FLC Homes): 18-24 months for market manipulation.

- Trinh Tuan (Former Director, FLC Land): 6 years 6 months to 7 years for fraud and market manipulation.

- Nguyen Thi Nga (Specialist, FLC Digital Services): 18-24 months for market manipulation.

- Hoang Thi Hue (Specialist, FLC Digital Services): 18-24 months for market manipulation.

- Do Thi Huyen Trang (Deputy Head of Accounting, FLC Group): 18-24 months for market manipulation.

- Do Nhu Tuan (Former CEO, Faros): 8-9 years for fraud.

- Dam Mai Huong (Former Chief Accountant, Faros): 4-5 years for fraud.

- Nguyen Van Thanh (Former Head of Supervisory Board, Faros): 8-9 years for fraud.

- Hoang Thi Nhu Ha (Accountant, FLC Land): 10-11 years for fraud.

- Tran The Anh (Deputy CEO, FLC Group; Former Deputy CEO, Faros): 3 years 6 months to 4 years for fraud.

- Do Quang Lam (CEO, Kien Giang House Development; Former CEO, Faros): 8-9 years for fraud.

- Nguyen Thanh Binh (Former Board Member and Deputy CEO, FLC Group): 8-9 years for fraud.

- Le Thanh Vinh (Lawyer, T&P Law Firm; Former Chairman, Faros): 4-5 years for fraud.

- Nguyen Tien Dung (Former CEO, Vinh Ha Construction and Investment): 6-7 years for fraud.

- Le Tan Son (Former Deputy Chief of Office, Secretary of Board of Directors of FLC Group): 3 years 6 months to 4 years for fraud.

- Dang Thi Hong (Former Deputy Chief of Office, Secretary of Board of Directors of FLC Group): 3 years 6 months to 4 years for fraud.

- Le Van Sac (Chairman, Alaska Real Estate Investment; Director, FLC Land): 30-36 months for fraud.

- Truong Van Tai (Employee, FLC Group): 30-36 months for fraud.

- Nguyen Binh Phuong (Former Chairman, Faros): 7-8 years for fraud.

- Nguyen Minh Diem (HR and Admin Officer, BOS Securities): 24-30 months for fraud.

- Nguyen Ngoc Tinh (Chairman, Hanoi CPA Auditing and Accounting): 7-8 years for fraud.

- Le Van Tuan (Auditor, Hanoi CPA Auditing and Accounting): 7-8 years for fraud.

- Tran Dac Sinh (Former Chairman, HCM City Stock Exchange): 8-9 years for abuse of power.

- Le Hai Tra (Former Deputy CEO, HCM City Stock Exchange): 6-7 years for abuse of power.

- Tran Tuan Vu (Former Deputy CEO, HCM City Stock Exchange): 6-7 years for abuse of power.

- Le Thi uyet Hang (Director, Trading Surveillance; Former Director, Listing Management, HCM City Stock Exchange): 3-4 years for abuse of power.

- Chu Tien Vuong (Former Deputy Chairman, BOS Securities): 3-4 years for market manipulation.

- Tran Thi Ut Xuan (Employee, FLC Digital Services): 3 years 6 months to 4 years for fraud.

- Pham Thanh Huong (Accountant, Sevin Investment): 3-4 years for fraud.

- Pham Thi Hai Ninh (Former Deputy Head of Investment, FLC Group): 3 years 6 months to 4 years for fraud.

- Tran Thi Hanh (Deputy CEO, TTP Auditing): 6-7 years for fraud.

- Le Cong Dien (Head of Public Company Monitoring Department, State Securities Commission): 36-42 months for deliberately disclosing false information.

- Duong Van Thanh (Head of Vietnam Securities Depository): 24-30 months for deliberately disclosing false information.

- Pham Trung Minh (Former Head of Securities Registration, Vietnam Securities Depository): 18-24 months for deliberately disclosing false information.

According to the indictment, for the act of "fraudulent appropriation of property", from 2014 to September 2016, Quyet directed individuals who were leaders or employees of the Faros company, as well as companies within the FLC Group, and relatives and acquaintances to act as shareholders to falsify capital contribution documents to raise Faros's chartered capital from 1.5 billion VND (59,200 USD) to 4.3 trillion VND.

They completed documents and requested State management agencies in the securities sector to approve the registration of the company as a public company, the registration of securities depository, and the listing of over 430 million shares formed from the falsified capital contribution of Faros on the Ho Chi Minh Stock Exchange.

After Faros's shares were listed on the stock exchange, from September 2016 to March 2022 (the time of indictment and detention), Quyet and his accomplices sold over 391 million shares formed from the falsified capital contribution held in the Faros Company, resulting in proceeds of 4.8 trillion VND, of which over 3.6 trillion VND was misappropriated from investors in the stock market.

Regarding the act of "stock market manipulation", from May 26, 2017, to January 10, 2022, Quyet directed Hue and accomplices to use the identities of 45 individuals who are employees, relatives, and acquaintances to establish 20 companies and open 500 securities accounts.

Hue used these accounts to manage and conduct market manipulation activities involving five stocks, namely AMD, HAI, GAB, FLC, and ART. Following Quyet's instructions, Hue sold shares on the market for illicit gains totaling over 723 billion VND when the stock prices increased.

T. Nhung