OJK Fines Influencer Belvin Tannadi $330,000 in Landmark Market Manipulation Case

JAKARTA, Investortrust.id — The Financial Services Authority imposed a Rp 5.35 billion, equal to $330,000, fine on social media influencer Belvin Tannadi on Friday, Feb 20, 2026 in Jakarta for manipulating share prices through coordinated online messaging and nominee trading accounts during 2021–2022, marking the first major enforcement action against a stock influencer under Indonesia’s strengthened capital market regime.

The regulator said the case signaled a new era of oversight as retail participation surged and online personalities gained power to move thinly traded stocks.

The Financial Services Authority, known locally as Otoritas Jasa Keuangan, said its investigation found that Tannadi used multiple nominee securities accounts to create artificial price formation in shares of PT Agro Yasa Lestari Tbk or AYLS, PT MD Pictures Tbk or FILM, and PT Bintang Samudera Mandiri Lines Tbk or BSML.

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Nominee accounts are legally registered under another person’s name while the beneficial owner remains hidden, a structure often scrutinized in manipulation cases.

Hasan Fawzi, a member of the OJK board overseeing capital markets and derivatives supervision, told reporters at the Indonesia Stock Exchange building that the total sanction reached Rp 5.35 billion.

“This action is categorized as stock trading manipulation,” Hasan said. “The total sanction imposed on the influencer amounts to Rp 5.35 billion.”

OJK said Tannadi disseminated information or purchase plans about certain shares through social media while simultaneously buying or selling those shares to capitalize on followers’ reactions.

The practice, often referred to in market slang as stock pumping, distorts supply and demand mechanisms and violates Articles 90, 91 and 92 of the Capital Market Law as amended by the 2023 Financial Sector Development and Strengthening Law, known as UUPPSK.

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First Test of the New Enforcement Era

The UUPPSK reform expanded OJK’s supervisory and sanctioning powers, including administrative fines and clearer authority to act against misleading market information distributed through digital platforms.

Officials have repeatedly warned that financial influencers, or finfluencers, would face stricter scrutiny under the new framework as retail trading volumes climbed in the post-pandemic years.

“This is part of our commitment to ensure fair, orderly and efficient markets,” Hasan said, adding that the sanction was finalized and announced on Friday.

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For years, Tannadi cultivated an image of rapid wealth accumulation and market savvy.

In a widely circulated YouTube interview, he said he earned up to Rp 15 billion per month at age 27 and described starting his investment journey in 2014 with Rp 12 million.

A graduate in Chinese literature from STBA Persahabatan Internasional Asia, he founded PT Ilmu Saham Indonesia and built a following of 1.7 million on Instagram under the handle @belvinvvip.

Through a paid Telegram membership program called Belvinmology, he reportedly attracted around 25,000 members seeking stock recommendations and market commentary.

OJK said the violations occurred across several trading windows, including September to December 2021 for AYLS, January to December 2021 for FILM, and March to June 2022 for BSML.

The regulator concluded that the coordinated trading and messaging created abnormal price movements not based on genuine market forces.

The case underscores how Indonesia’s retail-driven market boom has blurred the line between financial education and market influence, and how regulators are now drawing firmer boundaries.

For market participants, the message was clear: online popularity no longer shields trading activity from regulatory consequences.