Jakarta – Indonesia’s Financial Services Authority (OJK) has imposed a Rp5.35 billion (approximately $336,000 USD) fine on financial influencer Belvin Tannadi, known online as @belvinvvip, for manipulating stock trading and disseminating misleading information to the public.
The penalty stems from an investigation into Tannadi’s activities between 2021 and 2022, during which he allegedly promoted specific stocks on social media even as simultaneously engaging in transactions that contradicted his public recommendations, according to Hasan Fawzi, the Acting Head Executive of Capital Market Supervision, Derivatives Finance, and Carbon Exchange at the OJK.
“Our examination team has found and proven that the influencer in question provided inaccurate information through social media regarding one or more stocks, or recommended buying or selling certain shares while simultaneously conducting transactions contrary to the information or recommendations he conveyed through social media,” Fawzi stated during a press conference at the Indonesia Stock Exchange (IDX) in Jakarta on Friday.
The OJK’s investigation focused on trading activity in three publicly listed companies: PT Agro Yasa Lestari Tbk (AYLS) between September 1 and September 27, 2021, and November 8 to December 29, 2021; PT MD Pictures Tbk (FILM) from January 12 to December 27, 2021; and PT Bintang Samudera Mandiri Lines Tbk (BSML) from March 8 to June 17, 2022. The OJK found that Tannadi utilized nominee accounts to create artificial demand and inflate stock prices, distorting market mechanisms.
“This is clearly an act of stock trading manipulation. This behavior creates a false impression of trading in these shares,” Fawzi added.
Beyond the substantial financial penalty, the OJK is considering restrictions on Tannadi’s social media activities. The agency is likewise reviewing the eligibility of the investment accounts used as nominees, potentially leading to further investigations and sanctions. The violations are based on articles 90, 91, and 92 of the Capital Market Law, as amended by articles 22 paragraphs 33, 34, and 35 of the Financial System Strengthening and National Economic Recovery Law (P2SK).
