According
to the referral from the Stock Exchange of Thailand (SET) in October 2023 and
the SEC’s further investigation, it was found that Patcharadanai had placed
trading orders in manipulative manners. For example, sending buy or sell orders
for securities, or buying or selling securities in a manner that pushed the
prices upward, placing bid offers in a way that obstructed others from placing
their buy orders, placing small-volume buy orders with the intent to increase
the securities prices, and submitting buy orders during the pre-opening or
closing periods with the aim of inflating the opening or closing prices of the
securities –resulting in unusual increases in the prices and trading volumes of
all four securities beyond normal market conditions, etc.
Patcharadanai’s actions above were divided
into four separate cases, namely (1) the case of ABM during 7 – 8 June 2023,
(2) the case of F&D on 21 July 2023, (3) the case of TVDH-W3 during 25 July
– 3 August 2023, and (4) the case of AMR during 28 -29 August 2023. His actions
created a misleading impression for the public regarding the prices or trading
volumes of the securities. Additionally, these cases involved placing
securities orders in a continuous manner with the intent to manipulate the
prices or trading volumes of the securities beyond normal market conditions.
Patcharadanai’s actions were deemed a contravention of Section 244/3 (1)(2) in conjunction with Section
244/5 (4) of the Securities and Exchange Act B.E. 2535 (1992) (SEA),
subject to the penalties under Section 296, Section 296/1, Section 296/2 and the
civil penalties under Section 317/5 of the SEA.
The Civil Sanction Committee (CSC) has therefore resolved to impose a civil
sanction on the offender, comprising civil penalties, compensations in the
amount equal to the benefit received or that would have been received, reimbursements
of investigative expenses incurred by the SEC, at the total amount of 4,614,013
baht, and a bar from trading securities or derivatives for 24 months and from
serving as director or executive in securities issuing companies or securities
companies for 48 months.
The civil sanction imposed by the CSC will take effect when the offender
signs a letter of consent to comply. Otherwise, the SEC will submit the case to
the public prosecutor for filing a lawsuit in the Civil Court to seek an imposition
of civil sanction with the maximum applicable statutory penalties, which shall
not be lower than the civil sanction specified by the CSC.
In all cases, the civil penalties and the compensations for the benefit
received or that would have been received from committing the offenses shall be
remitted to the Ministry of Finance as public revenue.
Remark: Details of civil sanctions and associated
procedures are available at: https://www.sec.or.th/EN/pages/lawandregulations/civilpenalty.aspx