Mr Pips, Mr Hunter face life sentences in $62mn investment fraud case in Vietnam

The Hanoi People's Court resumed the trial of 188 defendants on Wednesday, with prosecutors presenting their sentencing recommendations following a week of questioning.

Prosecutors sought life imprisonment for Nam, 32, on fraud charges and an additional 11-12 years for money laundering, with a proposed combined sentence of life imprisonment.

Ngo, 36, also faces a proposed combined life sentence, with prosecutors seeking life imprisonment for fraud and an additional 10-11 years for money laundering.

Among the other defendants is Nguyen Hoa Binh, 45, chairman of Ngan Luong JSC, widely known as Shark Binh, who is charged with laundering nearly VND320 billion ($12.4 million) linked to the operation.

Binh was recommended a prison sentence of nine to 10 years for money laundering.

Elaborate scheme left hundreds of victims financially ruined

Prosecutors described the network as an exceptionally large and sophisticated criminal operation that drove many victims into debt, forced families apart, and even pushed some to contemplate suicide.

According to the prosecution, Nam and his accomplices established around 40 offices with more than 1,700 employees, operating 36 fake online stock and forex trading platforms.

The group also developed a handbook containing 168 questions, each with several suggested responses, to train employees in persuading potential investors.

Its staff posed as financial experts and successful traders on social media, using claims of substantial profits to gain customers' trust.

Victims were initially allowed to earn profits and withdraw money.

Once they invested larger amounts, however, the operators allegedly manipulated trades, imposed excessive leverage, or interfered with the systems to wipe out their accounts.

The employees then encouraged the victims to deposit more money to recover their losses or pay fictitious fees. Some were even lured onto other fraudulent platforms under promises of recovering their lost funds.

Investigators identified 919 fraud cases involving more than 900 victims, with losses totaling nearly VND1.6 trillion ($62 million).

Prosecutors identified Nam as the mastermind, saying he directed the operation and received the largest share of the proceeds.

He is also accused of laundering approximately VND561 billion ($21.7 million) through purchases of property, gold, and foreign currencies.

Ngo, the second-in-command, managed 20 offices and was held responsible for 287 fraud cases involving around VND339 billion ($13.1 million).

He allegedly laundered approximately VND195 billion ($7.6 million), including through purchases of four properties and 143 kilograms of gold.

Mr Pips offers assets to compensate victims

Nam admitted that his network had exploited investors' desire for quick profits and their limited financial knowledge, acknowledging that ordinary investors had virtually no chance of winning on the platforms controlled by his group.

Nam told the court that the defendants had effectively turned stock and forex investors into 'gamblers,' trapping them in a cycle of deposits, losses, and attempts to recover their money.

During questioning on October 31, Nam expressed his willingness to surrender all assets seized by investigators, along with his legally acquired property, to compensate victims.

"I won't take anything back," he told the court.

Prosecutors called for severe punishment, citing the scale of the fraud, the sophisticated methods employed, and the devastating financial consequences for hundreds of victims.