Indonesian Finance Influencer Belvin Tannadi Fined $340,000 for Market Manipulation

Jakarta – Indonesian financial authorities have imposed a substantial fine of Rp5.35 billion (approximately $340,000 USD) on financial influencer Belvin Tannadi for market manipulation, officials announced Friday, February 20, 2026.

Details of the Sanctions

The sanctions stem from a case involving the dissemination of misleading information through social media channels. According to Hasan Fawzi, the acting head of the OJK’s Capital Market, Derivative Financial Instruments and Carbon Exchange Supervision, Tannadi provided inaccurate information about specific stocks while simultaneously engaging in trading activity that contradicted his public recommendations.

“Our examination team found and proved 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 that ran counter to the information or recommendations he shared,” Fawzi stated during a press conference held at the Indonesia Stock Exchange building in Jakarta. [Source: Shorty News]

Stocks Involved in the Manipulation

The OJK’s investigation focused on trading activity related to:

• 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
• PT Bintang Samudera Mandiri Lines Tbk (BSML) from March 8 to June 17, 2022

The manipulation involved the apply of nominee accounts, artificially inflating share prices and distorting market mechanisms. “This constitutes a clear case of market manipulation, creating a false impression of trading activity in these stocks,” Fawzi added. [Source: Shorty News]

Further Actions by the OJK

In addition to the financial penalty, the OJK is considering restrictions on Tannadi’s social media activities. The OJK is also investigating the suitability of the investment accounts used. [Source: Shorty News]

Who is Belvin Tannadi?

Belvin Tannadi is a financial influencer with 1.7 million followers on Instagram (@belvinvvip). He founded PT Ilmu Saham Indonesia, a startup focused on capital market education, and launched the “Ilmu Saham” application in June 2022. [Source: Tirto.ID] He began investing in 2014 with an initial capital of Rp12 million, focusing on stocks due to their growth potential. [Source: Tirto.ID]

Legal Basis for the Sanctions

Belvin violated at least Article 90 of the Capital Markets Law as amended by Article 22 Point 33 of the P2SK Law, Article 91 of the Capital Markets Law as amended by Article 22 Point 34 of the P2SK Law, and Article 92 of the Capital Markets Law as amended by Article 22 Point 35 of the P2SK Law.