Bangkok, 28 January – The Securities and Exchange Commission (SEC) files a criminal complaint with the Economic Crime Suppression Division of the Royal Thai Police (ECSD) against three offenders, namely (1) Devere & Partners (Thailand) Ltd., (2) Broadgate Mutual Fund Brokerage Securities (Thailand) Co., Ltd. (Broadgate) (current name: Broadgate (Thailand) Co., Ltd.), and (3) Mr. Fredrick Ian McIntyre, Managing Director of both companies, for operating securities business without license.
Following
a tip from a reliable source and SEC’s further inspection, SEC finds that
Devere & Partners and Mr. Ian Mcintyre had operated securities brokerage
and investment advisory businesses without license. There is evidence of their illegal
activities, such as records of investment advice rendering to clients, records of
clients’ trading executions, details of clients’ trading transactions, name and
contact address of clients in Thailand, records of their meeting with clients,
lists of tradable securities, and records of investment fees charged on clients.
SEC also finds that Broadgate aided and abetted Devere & Partners and Mr.
Ian McIntyre by allowing them to use the name and email of Broadgate for undertaking such unlicensed business.
Actions of the three persons above violated Section
90 of the Securities and Exchange Act B.E. 2535 (1992) (SEA) which states that
no person shall undertake securities business without license. Violator of
Section 90 is subject to penalties under Section 289 of the SEA, namely
imprisonment for a term of 2 to 5 years and a fine from 200,000 to 500,000
baht, and a further fine not exceeding 10,000 baht for every day during which
the contravention continues. Therefore, SEC has filed a criminal complaint
against all three persons with ECSD. In this regard, any person affected from such
unlicensed activities should call ECD at 0-2237-7535 to
provide additional information for further investigation and legal action.
Please be
informed that filing a criminal complaint is merely the commencement of the
criminal procedure whereby the inquiry official will perform an investigation
before recommending 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.
SEC
strongly advises persons who are interested in securities investment to be
cautious and shall deal in investments only with properly licensed
intermediaries. Investors can check whether the soliciting entities are legally
licensed or registered to provide services in the capital market at www.sec.or.th under the topic SEC Check First and SEC Check First mobile
application. For inquiries or complaints, please call SEC Help Center Hotline at
1207 or send an email to complain@sec.or.th.
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