No. 79 / 2010
Thursday 18 November 2010
Bangkok, November 18, 2010 – The Settlement Committee imposed a fine of 333,333.33 baht on Kajonchai Ngamvorarojsakul for aiding or abetting the manipulation of Focus Development and Construction Plc. (FOCUS) share price during April 24-25, 2008.
His offense is in violation of Section 243 (1), Section 244 and Section 243(2) of the Securities and Exchange Act of 1992 in conjunction with Section 86 of the Criminal Code.
A referral from the Stock Exchange of Thailand stated that irregularities in the trading of FOCUS shares had been detected in relation to trading activities of a certain group of persons. The SEC’s subsequent investigation revealed that during the aforesaid period FOCUS shares were traded in great volume and the share price changed inconsistently with normal market conditions because the certain group of persons had their trading orders, on a continual basis, executed through trading accounts of other persons to lure the public to trade such shares as well while in fact the persons who received benefits from such trading activities were that same group of persons.
Kajonchai, who functioned as an investor contact (marketing officer) for KGI Securities Plc., assisted such trading activities of FOCUS shares by using trading accounts of his clients to execute trading orders and manipulate the price of FOCUS shares and subsequently helped with the transferring of money gained from such securities trading.
Because of his misconduct, Kajonchai will be subject to the SEC’s consideration regarding prohibited characteristics of capital market personnel. Meanwhile, the SEC is proceeding with the case against other persons allegedly involved in the FOCUS share price manipulation.
# # #