The Bank of Russia uncovered evidence of market manipulation by Vadim Solomakhin, CEO of the investment company Kinetic Capital. In the first quarter, he traded shares in Sberbank and Surgutneftegas, as well as federal loan bonds and other instruments.
The scheme worked as follows: Solomakhin bought or sold assets at market prices, then placed opposing orders in his personal account. Using his access to the company’s brokerage account, he executed those trades, pushing the price to a level that benefited him. As a result of more than 120 such transactions, the company incurred losses, while Solomakhin personally profited.
Following its investigation, the regulator ordered him to stop such violations, blocked transactions on his accounts, and referred the relevant materials to law enforcement authorities.
The scheme worked as follows: Solomakhin bought or sold assets at market prices, then placed opposing orders in his personal account. Using his access to the company’s brokerage account, he executed those trades, pushing the price to a level that benefited him. As a result of more than 120 such transactions, the company incurred losses, while Solomakhin personally profited.
Following its investigation, the regulator ordered him to stop such violations, blocked transactions on his accounts, and referred the relevant materials to law enforcement authorities.