Based on information provided by a whistleblower and the SEC’s further investigation, it has been revealed that Morakot has displayed behaviors indicative of conducting securities business in the capacities of an investment consultant and private fund manager without obtaining the necessary license. In this context, he sought public engagement regarding the value of securities and the suitability of investments associated with securities, as well as the management of individuals' investments to seek benefits from securities. These activities were carried out through social media platforms, i.e., Clubhouse, Line, and Facebook, each having a substantial user base. Morakot adopted a normal business approach and received fees or other forms of compensation.

His actions above are liable to be an undertaking of securities business without having obtained a license under Section 90 and subject to penalties under Section 289 of the Securities and Exchange act B.E. 2535 (1992), namely an imprisonment for a term of two to five years and a fine from 200,000 baht to 500,000 baht and a further fine not exceeding 10,000 baht for every day during which the contravention continues. The SEC has therefore filed the criminal complaint against Morakot with the ECD. Those affected by his actions above should notify the ECD of further information via phone: 02-191-9191, ext. 4000, for further investigation and legal proceedings.    

In any case, filing the criminal complaint is merely the commencement of the criminal procedure whereby the inquiry official will perform an investigation before recommending the case to the public attorney who has authority for prosecution. The power to adjudicate whether any person is guilty or not is, however, vested on the court of justice. In this regard, the SEC will monitor the progress of the ongoing legal proceedings and collaborate fully with relevant agencies in subsequent processes after the filing of the criminal complaint to support law enforcement under the Securities and Exchange Act.

The SEC strongly urges persons interested in investing in securities to exercise discretion and make investments only with business operators who have obtained a license or approval properly. The SEC lists of licensed and approved persons are available at www.sec.or.th and SEC Check First application. Also, the Investor Alert List of entities operating business outside the scope of supervision of the SEC is available at https://market.sec.or.th/public/idisc/th/InvestorAlert. For inquiries or reports of leads or suspicious acts, please contact SEC Complaint Center at Hotline 1207 or the official SEC Facebook Page or SEC Live Chat at the SEC website for further investigation.