Following the referral from the Stock Exchange of Thailand (SET) during 2018 - 2020 and the SEC’s further investigation, the findings and evidence indicated that the 18 offenders, who were interconnected through personal relationships, securities trading accounts, trading order placement patterns, and financial flows relating to payments for the purchase and sale of META shares, namely (1) Mr. Chanon Wangtal, (2) Miss. Titanun Runruengjai, (3) Mr. Pichet Permsubhirunya, (4) Mr. Natpapat Keschaimongkol, (5) Miss. Montika Mongkolnavin, (6) Mr. Narut Wiwattanakrai, (7) Mr. Monchit Surachaidunthavin, (8) Miss. Paranee Mekdumrongsang, (9) Mr. Bovorn Rungruangnavarat, (10) Miss. Kamataya Sornvaneeyarak,
(11) Miss. Anchada Teerapongvisanuporn, (12) Mr. Wisan Wiwattanakrai, (13) Miss. Supaluck Sesthapanich, (14) Mr. Sumate Sesthapanich, (15) Mr. Alut Thanasuwandite, (16) Mr. Paithoon Wongwatcharamongkol, (17) Mr. Sakesan Krongphanich, and (18) Mr. Supasit Pokinjaruras, jointly manipulated the price or trading volume of META shares by dividing roles among themselves and placing buy or sell orders for META shares in a coordinated and mutually supportive manner.

In this regard, the orders were placed in similar quantities, at similar prices, and within close time intervals. These included placing large-volume buy orders at multiple price levels in a manner that impeded other persons’ purchase of the shares; placing buy orders to drive up the share price; and placing buy orders shortly before the close of the Stock Exchange’s trading session with the intention of raising the closing price. In addition, a large number of META shares were traded among themselves through big lot transactions on the Stock Exchange. These acts caused the general public to be misled about the price or trading volume of META shares and involved placing buy or sell orders for META shares on a continuous basis, causing the price or trading volume of META shares to deviate from normal market conditions. The aforesaid acts can be divided into three periods, as applicable, as follows:

Period 1: From 26 February 2018 to 29 June 2018, involving 12 offenders, namely
Mr. Chanon, Miss. Titanun, Mr. Pichet, Mr. Natpapat, Miss. Montika, Mr. Narut, Mr. Monchit, Miss. Anchada, Mr. Wisan, Miss. Supaluck, Mr. Sumate, and Mr. Supasit.

Period 2: From 2 July 2018 to 28 June 2019, involving 13 offenders, namely
Mr. Chanon, Miss. Titanun, Mr. Pichet, Mr. Natpapat, Miss. Montika, Mr. Narut, Mr. Monchit, Miss Paranee, Miss. Anchada, Mr. Wisan, Miss. Supaluck, Mr. Sumate, and Mr. Supasit.

Period 3: From 1 July 2019 to 3 February 2020, involving 14 offenders, namely
Mr. Chanon, Miss. Titanun, Mr. Pichet, Mr. Natpapat, Miss. Montika, Mr. Narut, Miss Paranee, Mr. Bovorn, Miss. Kamataya, Miss. Anchada, Mr. Alut, Mr. Paithoon, Mr. Sakesan and Mr. Supasit.

The actions of the 18 offenders constitute an offense of jointly manipulating share prices under Section 244/3(1) and (2), in conjunction with Section 244/5 and/or Section 244/6, which is subject to penalties under Section 296, Section 296/1, and Section 296/2 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), as applicable, and in conjunction with Section 83 of the Criminal Code.

The Civil Sanctions Committee (CSC) has therefore resolved to apply civil sanctions* to the 18 offenders by prescribing the following civil sanctions, comprising a civil penalty, a compensation equal to the benefit received or should have been received, a reimbursement of investigative expenses incurred by the SEC, a suspension from trading securities or derivatives, and a bar from serving as a director or executive in a securities issuing company or a securities company, as follows:

(1) Mr. Chanon shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 11,890,830 baht. In addition, he shall be suspended from trading securities or derivatives for 30.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 61 months.  

(2) Miss Titanun shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 1,572,758 baht. In addition, she shall be suspended from trading securities or derivatives for 30.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 61 months.  

(3) Mr. Pichet shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 1,521,497 baht. In addition, he shall be suspended from trading securities or derivatives for 30.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 61 months.  

(4) Mr. Natpapat shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 39,051,413 baht. In addition, he shall be suspended from trading securities or derivatives for 33.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 67 months.  

(5) Miss Montika shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 2,614,852 baht. In addition, she shall be suspended from trading securities or derivatives for 30.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 61 months.  

(6) Mr. Narut shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 26,561,127 baht. In addition, he shall be suspended from trading securities or derivatives for 51 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 102 months.  

(7) Mr. Monchit shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 1,114,467 baht. In addition, he shall be suspended from trading securities or derivatives for 19.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 39 months.  

(8) Miss Paranee shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 4,825,646 baht. In addition, she shall be suspended from trading securities or derivatives for 19.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 39 months.  

(9) Mr. Bovorn shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 12,032,111 baht. In addition, he shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 22 months.  

(10) Miss Kamataya shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 13,130,946 baht. In addition, she shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 28 months.  

(11) Miss Anchada shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 3,057,281 baht. In addition, she shall be suspended from trading securities or derivatives for 30.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 61 months.  

(12) Mr. Wisan shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 26,284,123 baht. In addition, he shall be suspended from trading securities or derivatives for 22.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 45 months.  

(13) Miss Supaluck shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 3,728,194 baht. In addition, she shall be suspended from trading securities or derivatives for 19.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 39 months.  

(14) Mr. Sumate shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 13,180,759 baht. In addition, he shall be suspended from trading securities or derivatives for 22.5 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 45 months.  

(15) Mr. Alut shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 1,991,636 baht. In addition, he shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 22 months.  

(16) Mr. Paithoon shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 5,536,886 baht. In addition, he shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 22 months.  

(17) Mr. Sakesan shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 2,949,746 baht. In addition, he shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 22 months.  

(18) Mr. Supasit shall pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 1,521,497 baht. In addition, he shall be suspended from trading securities or derivatives for 48 months and barred from serving as a director or executive in a securities issuing company or a securities company for a period of 96 months.  

The civil sanctions prescribed by the CSC, namely a suspension from trading securities or derivatives and a bar from serving as a director or executive as mentioned above, will take effect once the offender signs a letter of consent agreeing to comply with the sanctions. If the offender refuses to extinguish the case, the SEC will request the public prosecutor to file a lawsuit in the Civil Court seeking the maximum applicable civil sanctions as provided by law.

Civil penalties and compensation for benefits received or that should have been received from committing the offense 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