On establishing facts of securities market manipulation by V.V. Grevtsev, FinEco LLC and OJSC Investbank BZL
The Bank of Russia’s investigation revealed that in the period between 2014 and 2015 Vladimir V. Grevtsev made regular transactions in low liquid financial instruments with FinEco LLC and OJSC Investbank BZL (hereinafter referred to as the Participants), and received guaranteed profit while inflicting direct damage to the Participants.
The investigation revealed multiple interconnections between V.V. Grevtsev and the Participants as well as V.V. Grevtsev’s ability to gain physical access to the Participants’ trading terminals.
Proceeds gained by V.V. Grevtsev as a result of these transactions totalled more than 4 million rubles, which is qualified as large income according to the Criminal Code of the Russian Federation.
The consistency of transactions made between V.V. Grevtsev and the Participants and their revealed interconnections point to these transactions being concluded under a prior agreement.
The transactions between the said parties and the low liquidity of financial instruments resulted in a considerable deviation in securities trading parameters.
The actions taken by V.V. Grevtsev upon prior agreement with the Participants in the period between 29 July 2014 and 27 July 2015, which resulted in a considerable deviation in securities trading parameters, shall be recognised as market manipulation pursuant to the law (Article 5, Part 1, Section 2 of Federal Law No.
The Bank of Russia made the decision to cancel the certificate of financial market specialist issued to V.V. Grevtsev, and is reviewing measures to be taken against the parties involved in the manipulation in order to prevent similar violations in future.
The materials of the investigation will be submitted to the law enforcement authorities.
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