Bangkok, June 3, 2016 ? The SEC has revoked approval of an equity investment consultant named Veerachai Pasutanon and a capital market investment consultant named Jakkrit Hongnakorn, for committing dishonest acts against clients? assets, using clients? trading accounts to seek their own personal gains and acting beyond their scope of duties.

Veerachai and Jakkrit worked at Capital Nomura Securities Public Company Limited and Asia Wealth Securities Co., Ltd. respectively, when the misconducts were committed.

In the case of Veerachai, Nomura was informed by the clients that they had transferred money into their trading accounts but the money was not deposited in the clients? accounts. The SEC?s further investigation revealed that Veerachai had replaced the name of the actual account owner on the deposit slip with the name of another client who was related to himself. The transferred money then paid for the related client?s trading transactions, subscriptions for on-the-counter securities, and deposit of collateral, causing damage to the true owners of the accounts. Nomura consequently terminated his employment and demanded that he pay compensations to the inflicted clients. 

In the case of Jakkrit, the SEC received a complaint from a client of Asia Wealth. After further investigation, it was found that he had solicited the client to purchase securities of a company not listed on the Stock Exchange of Thailand. The client agreed to transfer money into Asia Wealth?s account and sent the transfer evidence to Jakkrit, who instead informed Asia Wealth that the deposit had been made by another client related to him as a payment for trading transactions and collateral. Jakkrit later executed trading orders for his related client.  In addition, Jakkrit also made investment decisions on other clients? behalf.

The misconducts of Veerachai and Jakkrit were deemed interference with clients? assets in concealment, fabrication of false evidence and exploitation of investors? trading accounts to seek unlawful personal gains in violation of the Notification of the Capital Market Supervisory Board concerning Rules on Capital Market Personnel*.

The SEC has therefore revoked the approval as equity investment consultant of  Veerachai and banned his re-entry as capital market personnel for 10 years, starting from June 3, 2016.

Similarly, Jakkrit?s approval as capital maket investment consultant has been revoked for 10 years; however, his approval has already expired. He is therefore banned from re-entering as capital market personnel for 10 years, starting from June 3, 2016.

SEC Deputy Secretary-General Tipsuda Thavaramara said: ?Investors are strongly advised to monitor their trading transactions and money transfers, and make sure to transfer money directly to the account of the responsible intermediaries only. Also, regular review of documents received from the intermediaries could help to spot any possible irregularities early. In case of any suspicious incident, investors should contact the compliance unit so that further appropriate action can be taken in time.?                          

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*Failure to perform duties honestly under Clause 23(1) and failure to perform duties responsibibly and carefully as professional under Clause 23(2), which are deemed prohibited characteristics of capital market personnel under Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor 8/2557 Re: Rules on Capital Market Personnel dated 3 June 2014.