Previously, the SEC filed a criminal complaint against a group of 18 persons as joint principals in the case of jointly manipulating the price or trading volume of MORE share on 10 November 2022, which misled the public regarding the price or trading volume of MORE share. Their actions constituted a violation of Section 244/3 (1) in conjunction with the presumption under Section 244/5 and Section 244/6 (as the case may be) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 of the Criminal Code to the ECD inquiry officials on 10 February 2023*  

|The SEC’s further investigation revealed facts and evidence supporting the belief that a group of 32 persons acted together to manipulate the price or trading volume of MORE share during the period from 18 July 2022 – 10 November 2022.** They are (1) Mr. Apimuk Bamrungwong, (2) Mr. Akapat Phornprapha, (3) Mr. Atipat Phornprapha, (4) Mrs. Orapin Phornprapha, (5) Mr. Itthiwat Wannaiampikul, (6) Tong Hua Capital Company Limited, (7) Tong Hua Media Lab Company Limited, (8) Mr. Somnuk Kyavatanakij, (9) Mr. Sophon Waraporn, (10) Mr. Vasant Chawla, (11) Mr. Shubhodeep Prasanta Das, (12) Mr. Prayoon Asakan, (13) Miss Jirawan Chaipongpati, (14) Miss Susiri Preedasuttichit, (15) Miss Puntharee Israngkul Na Ayudthaya, (16) Miss Ailada Chinnavat, (17) Mr. Ummarit Klomchitcharoen, (18) Mr. Munkong Sathienthirakul, (19) Miss Onkao Kaiyasit, (20) Mr. Kriangsak Wongosotphanich, (21) Miss Sirirat Somnasri, (22) Mr. Theeraphong Danwanichwong, (23) Mr. Witsarut Chiamchitphonchai, (24) Mr. Poranat Nuchachartpong, (25) Mr. Pudit Sucharitkul, (26) Mr. Watcharin Yunghaipon, (27) Mr. Thanayut Rukraksa, (28) Mr. Thamanoon Vechvittayakhlung, (29) Mr. Patara Chatcharoensuk, (30) Mr. Chayapol Panpae, (31) Mr. Pichet Pholsuwanchai, and (32) Mrs. Sasinapa Waraporn. 

These persons who are connected through personal relationships, financial transactions, securities trading, as well as the channels and locations used for placing orders, divided responsibilities or agreed to act together in placing orders in such a way as to mislead the public regarding the price or trading volume of the share. They also placed consecutive orders with the intention of causing the price or trading volume of MORE share to deviate from normal market conditions, which constitutes a violation of Section 244/3 (1) and (2) in conjunction with Section 244/5 and Section 244/6 of the SEA (as the case may be). The total benefits that the group of offenders received or should have received amount to approximately 800 million baht. The SEC therefore filed the criminal complaint against the 32 persons to the ECD for further legal proceedings.

Concurrently, the SEC has reported the proceedings of this case to the AMLO for further consideration because the above offenses are considered unfair trading practices in securities and derivatives, which are predicate offenses under the Anti-Money Laundering Act B.E. 2542 (1999) and its amendments.

The filing of a criminal complaint is only the commencement of the criminal proceedings, whereby the consideration of whether any person is guilty is subject to the inquiry official’s investigation, the public prosecutor’s prosecution, and the court’s adjudication, respectively. 

In this case, the SEC received information from the Stock Exchange of Thailand (SET) and conducted further investigations in collaboration with the Central Investigation Bureau (CIB), specifically the ECD, in gathering facts and evidence. This is in line with the policy of proactive collaboration in investigating and examining capital market-related offenses to enhance the effectiveness of law enforcement.