Following the referral from the Stock Exchange of Thailand (SET) in April 2024 and the SEC’s further investigation, the findings and evidence indicated that, during 21 June – 26 October 2023, three offenders, namely (1) Miss Phatthira Homvilai, (2) Mr. Pongthep Vichaikul, and (3) Mr. Pornthep Vichaikul, who were interconnected through personal relationships and financial flows relating to payments for the purchase and sale of NCL shares, jointly manipulated the price or trading volume of NCL shares.

In this regard, the three offenders divided roles among themselves by using Miss Phatthira’s securities trading account to place buy or sell orders for NCL shares. Their trading conduct included continuously placing buy orders to drive up the price in a manner intended to cause the share price to increase, including repeated purchases at the same price by splitting orders into multiple orders and placing large-volume bids at several price levels, thereby impeding purchases by other persons. They also placed buy orders at prices higher than the last traded price before the call market session, causing the projected price to rise, which subsequently became the closing price of the day during that period. Such conduct caused the general public to be misled about the price or trading volume of NCL shares and caused the trading condition of NCL shares to deviate from normal market conditions. In addition, it was found that the source of funds used by Miss Phatthira to trade NCL shares in a manner that manipulated the price or trading volume came from the bank deposit accounts of Mr. Pongthep and Mr. Pornthep.

The actions of the three offenders constitute an offense of jointly manipulating share prices under Section 244/3(1) and (2), in conjunction with Section 244/5(4) and (5) and Section 244/6(4) and (6), as applicable, 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), and in conjunction with Section 83 of the Criminal Code.

The Civil Sanctions Committee (CSC) has therefore resolved to apply civil sanctions to the three offenders. Accordingly, Miss Phatthira, Mr. Pongthep, and Mr. Pornthep shall each pay a civil penalty and reimbursement of investigative expenses incurred by the SEC in the amount of 1,631,641.68 baht, totaling 4,894,925.04 baht. In addition, Miss Phatthira,
Mr. Pongthep, and Mr. Pornthep shall be suspended from trading securities or derivatives for 8.5, 14, and 8.5 months, respectively, and barred from serving as a director or executive in a securities issuing company or a securities company for 17, 28, and 17 months, respectively.  

The civil sanctions prescribed by the CSC will take effect from the date 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, provided that such rates shall not be lower than those prescribed by the CSC.

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.