According to a referral from the Stock Exchange of Thailand (SET) in September 2020 and, upon further investigation, found that during 31 March 2020 – 8 May 2020, the six individuals—(1) Mr. Preecha Kraikruan, (2) Mr. Pongchen Reanchaiwanid, (3) Mr. Sarayuth Kong-um, (4) Ms. Areeporn Kaewklom, (5) Mr. Worrawit Khounwilai, and (6) Ms. Sophit Phukphat—who are interconnected through personal, business, and financial relationships, jointly manipulated the price or trading volume of UREKA securities. They did so by placing buy or sell orders or buying or selling the securities on a continued basis with an intent to cause the price or the volume of such securities trading to be inconsistent with the normal market conditions.

The six offenders collaborated by dividing roles in trading UREKA shares in a manner that manipulated the price or trading volume. They engaged in coordinated and supportive actions, alternating their roles to continuously influence the price or trading volume of UREKA shares. Their behaviors included placing buy orders to push the price higher, making small-volume purchases to drive up the price, placing buy orders or executing trades to sweep the best available offers, holding buy orders (bids) at multiple price levels to obstruct other investors’ trades, forcing other investors to buy at higher prices, controlling the closing price, as well as engaging in matched trading at similar volumes, prices, and time periods on multiple occasions. They also exhibited financial relationships that supported and facilitated one another's misconduct, causing the UREKA share price to deviate from normal market conditions.

Such actions of the six offenders constitute offenses under Section 244/3(1)(2) in conjunction with Section 244/5 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), in conjunction with Section 83 of the Criminal Code, liable to the penalties under Section 296, Section 296/1 and Section 296/2 of the SEA.
 
The Civil Sanction Committee (CSC) has therefore resolved to impose civil sanctions* on the six offenders, as follows:
          (1) Mr. Preecha Kraikruan is required to pay a civil penalty, a compensation in an amount equal to the benefits received or would have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 37,856,934 baht. In addition, he is prohibited from trading  in securities or derivatives for 17 months and also barred from serving as director or executive in securities issuing companies and securities companies for 34 months;

          (2) Mr. Pongchen Reanchaiwanid is required to pay a civil penalty, a compensation in an amount equal to the benefits received or would have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 991,459 baht. In addition, he is prohibited from trading in securities or derivatives for 14 months and also barred from serving as director or executive in securities issuing companies and securities companies for 28 months;             
          (3) Mr. Sarayuth Kong-um is required to pay a civil penalty, a compensation in an amount equal to the benefits received or would have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 25,123,872 baht. In addition, he is prohibited from trading in securities or derivatives for 17 months and also barred from serving as director or executive in securities issuing companies and securities companies for 34 months;            
          (4) Ms. Areeporn Kaewklom is required to pay a civil penalty, a compensation in an amount equal to the benefits received or would have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 674,513 baht. In addition, she is prohibited from trading in securities or derivatives for 14 months and also barred from serving as director or executive in securities issuing companies and securities companies for 28 months;

          (5) Mr. Worrawit Khounwilai is required to pay a civil penalty, a compensation in an amount equal to the benefits received or would have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 625,187 baht. In addition, he is prohibited from trading in securities or derivatives for 14 months and also barred from serving as director or executive in securities issuing companies and securities companies for 28 months;

          (6) Ms. Sophit Phukphat is required to pay a civil penalty, a compensation in an amount equal to the benefits received or would have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 674,513 baht. In addition, she is prohibited from trading in securities or derivatives for 14 months and also barred from serving as director or executive in securities issuing companies and securities companies for 28 months.

Civil sanctions imposed by the CSC will take effect when the offenders sign a letter of consent, agreeing to comply with the civil sanctions. In the event that any offenders refuse to give consent to the sanctions, the SEC will submit the cases in writing to the public prosecutor for filing a lawsuit in the Civil Court to seek the maximum applicable civil sanctions, which must not be lower than those specified by the CSC.   
 
In all cases, civil penalties and compensations for the benefits received or that would have been received from committing offenses are remitted to the Ministry of Finance as public revenue.    

Remark: 
* Civil sanctions are law enforcement measures under the Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 5) B.E. 2559 (2016), effective since 12 December 2016. Additionally, Section 317/1 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