Sign In
SEC News

SEC suspends an investment consultant for submitting false bank documents to help a client



Thursday 7 May 2020 | No. 87 / 2020


Bangkok, 5 May 2020 – SEC has suspended the approval for a securities investment consultant named {A}, an employee of Bangkok Bank Public Company Limited (BBL), for submitting false documents to the bank to help a client with the client’s consent and without the intention to conceal or hide information.

According to BBL’s inspection report and SEC’s further investigation, it was found that {A} had submitted false documents to the bank by signing on unit subscription orders for the client in order to complete the transactions. The client had given prior consent to her act claiming it was inconvenient to affix signature in person at the time.  

Despite no intention to conceal information in the act caused by an external factor, {A}’s submission of false documents to the bank in order to help the client was deemed a failure to perform duties or provide services with loyalty pursuant to the Notification of the Capital Market Supervisory Board.* SEC has therefore suspended {A}’s approval as a securities investment consultant for three months. However, since BBL has suspended her from performing duties as an investment consultant for a longer period, it is deemed that {A} has already served SEC’s suspension in full.   

Investors are strongly advised not to allow investment consultants or other persons to sign on securities trading orders or other documents for themselves to prevent possible damage.  

____________________________

 

* Pursuant to Clause 23(1) and the prohibited characteristics of personnel in the capital market business under Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Personnel in the Capital Market Business dated 3 June 2014, as amended by the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 48/2560 Re: Rules on Personnel in the Capital Market Business (No. 7) dated 30 August 2017.
 






Related News

SEC revokes approval of an investment consultant for performing duties dishonestly and acting in the manner that implies dishonesty
SEC revokes approval of an investment consultant for performing duties dishonestly
SEC revokes approval of an investment consultant for performing duties dishonestly and acting in the manner that implies dishonesty
SEC suspends investment consultant for seeking benefits from an investor and failing to execute the investor’s orders
SEC bans a former investment consultant for 4 years and 8 months due to wrongful acts against an investor’s asset