No. 20 / 2014
Wednesday 19 February 2014
Bangkok, February 19, 2014 – The SEC revealed that the Settlement Committee imposed a fine on Angkakarn Tantiviroon in the amount of 25,665,197.13 baht for manipulating share price of Rich Asia Steel Plc. (RICH).
Angkakarn was found colluding with other persons to trade RICH shares through 15 related persons’ securities trading accounts during May 10 - July 31, 2007. The scheme had considerable impact on RICH share price and volume. In addition, a number of trading orders were also matched within the group to induce the public into the trading of RICH shares. Previously, the Settlement Committee on January 22, 2014 imposed fines on another principal and aiders or abettors of the RICH price manipulation scheme.
The action of Angkakarn, one of the principals in the RICH price manipulation scheme, was in violation of Sections 243(1) in conjunction with 244 and 243(2) of the Securities and Exchange Act B.E. 2535 (1992) in conjunction with Section 83 of the Penal Code. The Settlement Committee therefore imposed a fine of 25, 665, 197.13 baht on Angkakarn.