Following a whistleblower’s lead and the SEC’s subsequent examination of evidence,
it was found that Mr. Chalermkiat had engaged in securities business, specifically providing investment advisory services without obtaining a license. He gave consultation to the public regarding the value of securities and the suitability of investments in securities through online communication channels, including a website, Facebook page, and a closed Facebook group, with a large number of public members. Such act was carried out in the ordinary course of business and in exchange for fees or other forms of remuneration.

The above conduct constitutes operating a securities business without a license in violation of Section 90, which is subject to penalties under Section 289 of the Securities and Exchange Act B.E. 2535 (1992) (SEA). The offense is punishable by imprisonment for a term of two to five years, a fine of 200,000 to 500,000 baht, and an additional fine of up to 10,000 baht per day for the entire period of non-compliance. Accordingly, the SEC has filed a criminal complaint with the ECD. Persons who have suffered damage as a result of such conduct are requested to provide information to the ECD at tel. 0-2237-7535 so that further investigations and legal proceedings may be carried out.

Following the criminal complaint filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, prosecution by the public prosecutor, and adjudication by the court of justice, respectively. In this regard, the SEC will monitor the progress in the legal proceedings and will cooperate fully with relevant agencies to support legal enforcement under the SEA after the criminal complaint has been filed. 

The SEC reiterates that investors should be cautious and invest only with business operators who are properly licensed. Investors can verify whether a person soliciting investments is authorized to provide services in the capital market at the SEC website: www.sec.or.th under the SEC Check First Section. If any suspicious activities are detected, please report them to the SEC Complaint Center via Hotline 1207, or the SEC’s official Facebook page: “สำนักงาน กลต.”, or SEC Live Chat on the SEC website for further examination.