The Investigative Committee opened a case of manipulation of shares of the St. Petersburg Stock Exchange

The case was initiated under Part 2 of Article 185.3 of the Criminal Code of Russia. It penalizes the dissemination of deliberately false information, transactions in financial instruments or the use of insider information if this leads to a significant deviation in the price of an asset.

The interlocutor of the publication explained that at the time of a sharp change in the value of shares of the St. Petersburg Stock Exchange in the context of a false bankruptcy application, unidentified persons could receive excess income, and investors could lose money. This situation formed the basis of the case.

According to part 2 of this article, causing large-scale damage is punishable by a fine of 500 thousand to 1 million rubles, as well as a prison sentence of up to 7 years. According to RBC, there are currently no suspects in this criminal case;

The final amount of damages and the number of victims have also not been determined. According to preliminary estimates, the damage exceeds 15 million rubles, but this is not the final amount. Most likely, in the process of investigation and appeal of victims, it will increase. The site itself has reputational risks and material damage is being calculated, the publication’s source explained.

Exchange representatives confirmed that a criminal case had been launched, but did not reveal details, citing the secrecy of the investigation.

In February 2024, the Central Bank established the fact of market manipulation in the context of the alleged bankruptcy petition filed by the St. Petersburg Stock Exchange. The regulator’s audit showed that the exchange made no such request. It appeared in the files of the Moscow Arbitration Court at the end of November 2023.

In the context of the news of the stock market bankruptcy, its shares on the Moscow Stock Exchange plummeted 35.8% in a few minutes; On the St. Petersburg Stock Exchange itself, values ​​fell by 13.4%.