According to referrals from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, it was revealed that 14 individuals had engaged in THE trading orders in a manner consistent with price manipulation. They are: (1) Mr. Boonchai Jirapongtrakul, (2) Mr. Boonchoke Thiratarakorn, (3) Mr. Booncherd Santudpanich, (4) Mr. Suwit Jjraphongtrakul, (5) Mrs. Wanna Sittisirinukul, (6) Mr. Theerawat Saekuai, (7) Mr. Preyatada Buranaworakhun, (8) Mr. Surachaste Boonyasatian, (9) Mr. Karoon Thiravorachai, (10) Mr. Sirichai Chaisuthamporn, (11) Miss Ratana Jirapongtrakul, (12) Mr. Chatri Anunrojwong, (13) Miss Kittika Wisarootanart and (14) Mr. Thana Seentanaphatr. The investigation also revealed that these offenders had business connection or personal relationship, either directly or through related persons. The offenders (1) to (12) colluded to send trading orders of THE shares continuously in a manner that misled other people, causing the prices or trading volumes to be inconsistent with normal market conditions. The offenders (13) and (14), in their capacity as investment consultant, rendered assistance with the execution of the trading orders, which occurred in three different time periods. A summary of their offenses is as follows: 

The first incident: During 23 June – 15 December 2015, there were 11 offenders involved in the manipulation of THE shares. Boonchai, Boonchoke, Booncherd, Suwit, Wanna, Theerawat, Preyatada, Surachaste, Karoon and Sirichai colluded to send trading orders in a manner consistent with share price manipulation, causing the average daily trading volume to increase from 0.19 million shares to 2.20 million shares, and the closing price to rise from 4.40 baht to 10.40 baht. The execution of the trading orders of Karoon was assisted or facilitated by Kittika. 

The second incident: During 4 January 2017 – 21 December 2018, there were 12 offenders involved in the manipulation of THE shares. Boonchai, Boonchoke, Booncherd, Wanna, Theerawat, Preyatada, Surachaste, Sirichai, Ratana and Chatri colluded to manipulate the prices and trading volumes of THE shares, causing the average daily trading volume to increase from 1.58 million shares to 6.71 million shares, and the closing price to drop from 4.60 baht to 1.74 baht. The execution of the trading orders of Preyatada was assisted or facilitated by Kittika and Thana.   

The third incident: During 13 February 2019 – 25 February 2020, there were nine offenders involved in the manipulation of THE shares. Boonchai, Boonchoke, Preyatada, Surachaste, Sirichai, Ratana and Chatri colluded to manipulate the prices and trading volumes of THE shares, causing the average daily trading volume to increase from 0.31 million shares to 7.42 million shares, and the closing price to rise from 1.71 baht to 1.89 baht. The execution of the trading orders of Preyatada was assisted or facilitated by Kittika and Thana.  

The acts of the individuals above were liable to be offenses under Section 243(1) in conjunction with Section 244(1) and Section 243(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 and Section 86 of the Criminal Code, subject to the penalties under Section 296 of the SEA and Section 244/3(1)(2) in conjunction with Section 244/6(3)(6) of the SEA in conjunction with Section 83 of the Criminal Code and Section 315, subject to the penalties under Section 296, Section 296/1 and Section 296/2 of the SEA, as the case may be. 

The Civil Sanction Committee (CSC) has therefore resolved to impose civil sanctions on the 14 offenders above, as summarized below:  

    (a) The offenders are required to pay civil monetary penalties, compensations in the amounts equal to the benefits received or would have been received, and reimbursements of investigative expenses incurred by the SEC, as the case may be. In this regard, Boonchai and Boonchoke shall pay at the amount of 42,847,521.95 baht each, Preyatada at the amount of 28,254,489.95 baht, Ratana at the amount of 24,553,808 baht, Surachaste and Sirichai at the amount of 19,452,029.95 baht each, Booncherd, Wanna and Theerawat at the amount of 18,919,992.95 baht each, Suwit and Karoon at the amount of 18,293,713.95 baht each, Chatri at the amount of 2,469,423 baht, Kittika at the amount of 1,491,649.33 baht, and Thana at the amount of 1,158,316 baht. 

    (b) The offenders are prohibited from trading securities or derivatives and from serving as director or executive of any securities issuing company or securities company, as summarized below:  

      - prohibiting Boonchai from trading securities or derivatives for a period of 48 months and from serving as director or executive of any securities issuing company or securities company for a period of 97 months;   

      - prohibiting Boonchoke, Preyatada, Surachaste, Sirichai, Ratana and Chatri from trading securities or derivatives for a period of 36 months each, and from serving as director or executive of any securities issuing company or securities company for a period of 73 months each;       

      - prohibiting Kittika and Thana from trading securities or derivatives for a period of 24 months each and from serving as director or executive of any securities issuing company or securities company for a period of 48 months each;    

      - prohibiting Booncherd, Wanna and Theerawat from trading securities or derivatives for a period of 14 months each and from serving as director or executive of any securities issuing company or securities company for a period of 28 months each;   

In addition, at the time of committing his offenses, Boonchai was director and/or executive of THE. The CSC imposed the civil monetary penalty in the first incident, which was an offense prior to the effective date of the Securities and Exchange Act (No. 5) B.E. 2559 (2016). As a result, Boonchai was deemed to have untrustworthy characteristics of company director and executive pursuant to the SEC’s relevant notification.* Therefore, he is barred from serving as director and executive of securities issuing companies and listed companies for a period of 34 months, starting from 26 April 2024. 

The civil sanctions, as imposed by the CSC in (b), will take effect when the offenders sign the letters of consent, agreeing to comply with the civil sanctions, or upon the expiry of the period of prohibiting them from holding the positions of director or executive of the company, as ordered by the SEC pursuant to the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560**, as the case may be. In the event that any offender refuses to give consent to the sanctions, the SEC will submit the case in writing to the public prosecutor for filing a lawsuit in the Civil Court to seek the maximum applicable civil sanctions, which shall not be lower than those specified by the CSC.   

In all cases, the civil monetary penalties and the compensations for the benefits received or would have been received from committing the offenses shall be remitted to the Ministry of Finance as public revenue. 

______________________

Remarks:

* Untrustworthy characteristics of directors / executives of securities issuing companies and listed companies, subject to removal from the positions pursuant to Clause 3(2), Clause 5(2) and Clause 6(2) of the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives, dated 23 January 2017. 

** Imposing on the offenders who have committed other offenses and are subject to the SEC’s consideration whether they have untrustworthy characteristics of director or executive under Clause 5(2) in conjunction with Clause 6(3) of the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives, dated 23 January 2017.  

Details of civil sanctions and associated procedures are available at:

https://www.sec.or.th/TH/Pages/LawandRegulations/CivilPenalty.aspx