Bangkok, 24 February 2020 – SEC has penalized an investment consultant named Mr. Chalermwut Sonoup for failing to perform duties or giving services with loyalty and consequently causing damage to clients. His misconduct caused him to have prohibited characteristics of personnel in the capital market business. As a result, he is banned from re-entering the capital market business for 5 years. At the time of his misconduct, he was working for AIA Co., Ltd.
Following an AIA report on clients’
complaints and SEC’s further investigation, it was found that Chalermwut had
misappropriated the money received from two clients to pay for their annual
premium of unit-linked insurance policies. He did not deliver the money to the
company and spent the money for his own interest instead. As a result, the
clients’ insurance policies and the protection coverage lapsed.
Chalermwut’s wrongful acts against
investors’ assets were liable to failure to perform duties or provide services
with loyalty in accordance with the Notification of the Capital Market
Supervisory Board.* Therefore, SEC will not accept his future application
for approval as personnel in the capital market business for a period of five
years, effective from 25 February 2020.
Investors are strongly advised to
thoroughly check and make sure that all receipts or evidence of payment are
issued by the companies in charge. In case of making an agreement to buy an
investment product outside the premises of a service provider, investors should
not pay in cash and should transfer the payment directly to the account of the
service provider to prevent possible damage from frauds.
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* 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.