According to a referral from the Stock Exchange of Thailand (SET) in 2022 and the SEC’s further investigation, evidence indicates that the 29 persons, namely: (1) Mrs. La-or Tangkaravakoon, (2) Mrs. Wilai Tangkaravakoon, (3) Miss Phatthira Homvilai, (4)Miss Nichanun Jirachaiworachote (formerly named Miss Jirawan Chaipongpati), (5) Mr. Numpol Chaipongpati, (6) Mr. Thanakit Lersphati), (7) Mr. Wiwat Lertphati, (8) Mr. Natthaphon Nitithanatkul, (9) Mr. Patthana Nithithanatkul, (10) Miss Kanokphat Chokthanamanee, (11) Mrs. Rungthip Maneewan, (12) Mr. Pavich Chaithammakorn, (13)  Miss Pimnada Wittayaamornroj, (14) Mr. Vinit Maneenual, (15) Miss Thitiporn Wangpaithoon, (16)Mr. Nopphadon Srisuwan, (17) Mr. Patan (formerly named Prasit) Srisuwan, (18) Mr. Anuwat Sae-tang, (19) Mr. Kridskon Rumthaisong, (20) Mr. Phongphan Panaphim, (21) Miss Sunun Saleepun, (22) Mr. Panupon Worrapanee, (23) Miss Siripitcha Maneewan, (24) Mr. Wongsaphak Nithithanatkul, (25) Miss Sarocha Nakbamrung, (26) Mr. Trin Thiratanaphokin, (27) Mr. Prasit Siriyaowon, (28) Mr. Somkiat Intasara, and (29) Mr. Surat Arsirawat, colluded to manipulate the price and/or trading volumes of DPAINT on 28 October 2024, its first trading day on mai. This manipulation involved continuous trading activities both before the morning trading session and during intraday trading. Examples include placing large-volume buy and/or sell orders across various price ranges and driving the price of DPAINT stock upward. These actions resulted in DPAINT stock opening at 22.50 baht per share – the highest price of the day – representing a 200 percent increase from the IPO offer price. Such activities misled the public regarding the price and trading volumes, causing the trading price and volumes of DPAINT stock to deviate from normal market conditions. The activities were liable to violate Section 244/3 (1) and (2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 of the Criminal Code, subject to the penalties under Section 296, Section 296/1 and Section 296/2 of the SEA.

The SEC has therefore filed the criminal complaint against the 29 individuals with the DSI for consideration of further legal action. Concurrently, the SEC has also reported these legal proceedings above to the AMLO for consideration of further action because such offenses are unfair activities related to securities trading, which constitute a predicate offense under the Law on Anti-Money Laundering.    

Following the criminal complaint filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, a prosecution of the public prosecutor, and an adjudication of the court of justice, respectively. In this regard, the SEC will monitor progresses in the legal proceedings and will cooperate fully with relevant agencies to support legal enforcement under the SEA after the criminal complaint has been filed.