According to Bangkok Bank’s inspection report and the SEC’s further fact-finding, during 2021 – 2023, Ms. Usa engaged in conduct constituting a failure to perform her duties or provide services with honesty and good faith by wrongfully misappropriating the assets of a client. Specifically, she (1) used withdrawal slips and copies of the client’s identification card that the client had previously signed for the purpose of purchasing investment units, and (2) used withdrawal slips and supporting withdrawal documents of other clients that had already been signed to withdraw funds from the client’s deposit account on 18 occasions. She then transferred the funds to her own deposit account or used them to pay insurance premiums for her related person. นางสาวอุษา (Ms. Usa) recorded transactions in the client’s passbook, which had been entrusted to her, indicating that the withdrawals were made for the purpose of purchasing investment units for the client. However, no investment units were actually purchased, resulting in damage to the client in a total amount of 15.1 million baht. In this regard, the bank reached a settlement with the client and compensated the damages.

Upon consideration, the SEC viewed that Ms. Usa’s actions constituted misconduct involving failure to perform duties or provide services with honesty and good faith by wrongfully acting against investor assets. Both instances were deemed prohibited characteristics of personnel in the capital market business pursuant to the Notification of the Capital Market Supervisory Board.* As a result, the SEC has revoked her approval as a general investment consultant and imposed a ban on accepting any future applications for approval as capital market business personnel for a period of 10 years, effective from 22 July 2025.   

In determining administrative sanctions, the SEC takes into account several factors, including the individual’s relevant roles and conduct; any penalties already imposed; the extent of damages or benefits resulting from the actions; any corrective measures or other actions that either support or hinder the SEC’s proceedings; and records or past demeanors indicating unsuitability to serve as personnel in capital market businesses.  

The SEC urges investors to regularly review their investment unitholding statements and bank accounts, and avoid pre-signing or leaving important transaction documents—such as withdrawal slips, identification cards, and passbooks— with investment consultants to carry out transactions on their behalf, in order to prevent potential losses from fraud.  

Notes:

* Failure to perform duties in accordance with Clause 23(1) constitutes a prohibited characteristic of personnel in the capital market business under Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Personnel in the Capital Market Business, dated 3 June 2014, as amended by the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 48/2560 Re: Rules on Personnel in the Capital Market Business (No. 7), dated 30 August 2017.  

** General Investment Consultant means an investment consultant providing consultation only on capital market products not having complex characteristics.

*** Ms. Usa’s applications for SEC approval to serve as personnel in the capital market business will not be accepted during the 10-year period, starting from 22 July 2025.