Following a referral from the Stock Exchange of Thailand (SET) in May 2023 and the SEC’s further investigation, the findings and evidence indicated that the three offenders, namely (1) Mrs. Sompong Srisupornwong, (2) Miss Pichaya Krimwongrat, and (3) Mr. Peerapol Prasertchaiyakul, who had personal connections with an intermediary (deceased), jointly manipulated the price or trading volume of F&D shares during 9 August 2022 – 8 March 2023. The offenders knowingly and/or jointly engaged in trading through the intermediary, whereby orders for F&D shares were placed in a coordinated and mutually supportive manner. This conduct included driving the share price upward, maintaining bid or offer orders, splitting trading orders into multiple smaller orders, and matching trades among themselves, as well as placing bid orders shortly before the close of trading on the SET with the aim of causing the closing price to rise. As a result, the price and trading volume of F&D shares were inconsistent with normal market conditions.

The actions of the aforementioned persons constituted an offense under Section 244/3(1) and (2), in conjunction with Section 244/5 and 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), 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 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) Mrs. Sompong 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 803,314.66 baht. In addition, she 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 22 months.   

(2) Miss Pichaya 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 1,057,387.16 baht. In addition, she 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 22 months.   

(3) Mr. Peerapol 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 4,940,324.66 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 22 months.   

The civil sanctions prescribed by the CSC, namely the specified periods of suspension from trading securities or derivatives and bar from serving as a director or executive as mentioned above, will take effect as specified in the letter of consent to comply with the civil sanctions prescribed by the CSC. 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 imposition of civil sanctions at the maximum rates 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.  

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