The SEC has received, from the referral of Stock Exchange of Thailand (SET), the case presumed to be price manipulation of MORE shares. In addition, the ECD has received, together with related evidence, complaints from 10 securities firms asking for legal actions against a number of persons, allegedly deceiving and defrauding the companies of the securities trading money, causing damage to the companies and misleading the general public about the trading price and/or volume of MORE shares.
With further investigation and coordination with the inquiry officials of the Royal Thai Police’s Central Investigation Bureau (CIB), the SEC has found the facts and evidence that all 18 offenders are connected, in terms of personal relations, money trails, securities trading as well as channels and locations of trading orders sending. Such group of persons, with shared responsibilities, had placed high volume of matched trading orders for MORE shares on 10 November 2023, pushing its opening price to be higher than the closing price of the previous day, which misled other persons about the trading price and/or volume of MORE shares. As the acts are considered contravention of Section 244/3(1) in conjunction with Sections 244/5 and 244/6 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), the SEC therefore has filed a complaint against all 18 offenders with the ECD for consideration of further legal actions.
In this regard, since the offenses relating to unfair securities and derivatives trading practices also constitute a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999) and related amendments, the SEC has reported the case to the Anti-Money Laundering Office (AMLO) for consideration of further actions.
The filing of a criminal complaint is just 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.
Taking action in this case, the SEC has been given information support from the SET and full cooperation of the CIB through the ECD in the compilation of facts and evidence, a proactive and collaborative approach for investigations and inspections of capital market-related malpractices, which has facilitated and expedited the procedures, contributing to an enhanced efficiency in taking enforcement actions. The SEC will further cooperate with the inquiry officials for investigations into other trading periods.
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