Following a referral from the Stock Exchange of Thailand (SET) in 2019 and the SEC’s further investigation, it was found that 10 individuals with interpersonal relationships jointly placed securities trading orders in a manner that misled the public about the price or trading volume of the securities, and placed trading orders in a continuous manner with the intention to cause the price or trading volume of the securities to be inconsistent with normal market conditions, as the case may be. The 10 offenders are: (1) Miss Pornpin Chaivikirai, (2) Mr. Thannagon Hariwongsanupap, (3) Miss Yupin Chaivikirai, (4) Mr. Naruechit Rojjanayangkoon, (5) Mrs. Kaesorn Sithivaraporn, (6) Mr. Wirach Sithivaraporn, (7) Mr. Vichai Sithivaraporn, (8) Mrs. Darunet Sithivaraporn, (9) Miss Vimonta Vichiateeraphongse, and (10) Pramot Phongwarakorn. Their conduct can be divided into two periods:

First period (13 March – 21 September 2018): Miss Pornpin, Mr. Thannagon, and Miss Vimonta jointly manipulated the price or trading volume of TCC shares by placing bid and offer orders in similar quantities, prices, and at closely timed intervals, misleading others about the price or trading volume of TCC shares; 

Second Period (24 September – 6 November 2018): All 10 offenders colluded to manipulate the price or trading volume of TCC shares and the warrants TCC-W3, TCC-W4, and TCC-W5 by coordinating their trading orders in a manner that was mutually reinforcing and continuous. Their conduct included pushing up prices, placing bid orders to obstruct other investors’ orders, placing buy and sell orders in similar quantities, prices, and at closely timed intervals, and placing buy orders prior to market opening with the intent of inflating opening prices. These practices artificially drove up the price and trading volume of the securities, misleading the public into believing there was substantial demand for TCC shares and warrants, thereby inducing further trading activities.

The offenders’ conduct constituted joint manipulation of the securities price under Section 244/3(1)(2) in conjunction with Section 244/5 of the Securities and Exchange Act B.E. 2535 (1992) (“SEA”), subject to penalties under Sections 296, 296/1, and 296/2 of the SEA, in conjunction with Section 83 of the Penal Code.

The Civil Sanction Committee (CSC) resolved to impose civil sanctions* on the 10 offenders, including civil penalties, compensation for the benefits received or to be received, reimbursement of the SEC’s investigation expenses, a suspension from trading in securities and derivatives, and a bar from serving as directors or executives of securities issuing companies or securities companies, as follows:  

(1) Miss Pornpin is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 41,283,825 baht. She is also suspended from trading in securities and derivatives for 23 months and from serving as a director or executive of securities issuing companies and securities companies for 46 months; 

(2) Mr. Thannagon is required to pay a civil penalty and reimbursement of the SEC’s investigation expenses, totaling 1,184,838 baht. He is also suspended  from trading in securities and derivatives for 20 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 40 months;

(3) Miss Yupin is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 3,035,780 baht. She is also suspended from trading in securities and derivatives for 20 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 40 months;

(4) Mr. Naruechit is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 3,035,780 baht. He is also suspended from trading in securities and derivatives for 14 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 28 months; 

(5) Miss Kaesorn is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 2,542,252 baht. She is also suspended from trading in securities and derivatives for 14 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 28 months; 

(6) Mr. Wirach is required to pay a civil penalty and reimbursement of the SEC’s investigation expenses, totaling 542,655 baht. He is also suspended from trading in securities and derivatives for 14 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 28 months; 

(7) Mr. Vichai is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 1,627,697 baht. He is also suspended from trading in securities and derivatives for 14 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 28 months; 

(8) Mrs. Darunet is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 551,443 baht. She is also suspended from trading in securities and derivatives for 14 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 28 months; 

(9) Miss Vimonta is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 1,797,291 baht. She is also suspended from trading in securities and derivatives for 20 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 40 months; 

(10) Mr. Pramot is required to pay a civil penalty, compensation for the benefits received or to be received, and reimbursement of the SEC’s investigation expenses, totaling 4,178,630 baht. He is also suspended from trading in securities and derivatives for 14 months and is barred from serving as a director or executive of securities issuing companies and securities companies for 28 months. 

The civil sanctions above will take effect upon the offenders’ signing in agreement to comply. Otherwise, the SEC will request the public prosecutor to file a lawsuit in the Civil Court to seek an imposition of civil sanctions with the maximum applicable statutory penalties, which shall not be lower than those specified by the CSC. 

In all cases, civil penalties and compensation for the benefits received or to be received from committing offenses shall be remitted to the Ministry of Finance as public revenue.  

Note:  

* Section 317/1 of the Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 5) B.E. 2559 (2016), allows for civil sanctions to be imposed for criminal offenses under this Act. 
Details of civil sanctions and associated procedures are available at:  https://www.sec.or.th/EN/pages/lawandregulations/civilpenalty.aspx