Following an inspection report from KTB and the SEC’s further investigation, it was found that, during the period from February 2012 to March 2025, Mrs. Rungratchanee committed misconduct involving the misappropriation of assets belonging to 13 clients, with a total value of THB 53,575,843.56. The misconduct comprised the following: (1) using the documents of clients wishing to invest in term funds to open fund accounts and apply for ATM cards in the clients’ names without their knowledge or consent; (2) withdrawing money from the clients’ deposit accounts to purchase open-end funds that were not in accordance with the clients' wishes; (3) secretly selling fund units belonging to those clients and other clients; and (4) withdrawing money belonging to several clients, including money in the accounts opened in the clients’ names, for her personal benefit or to circulate the funds by transferring them to other clients’ accounts, and then transferring the money onward to the clients’ actual deposit accounts so that the clients would see the transferred amounts and believe that their investments remained intact. 

In addition, Mrs. Rungratchanee created documentary records of fund trading transactions and withdrawals that were inconsistent with the facts, and altered and destroyed the bank’s documents in order to conceal the misconduct, as the case may be.

In this regard, after KTB discovered such misconduct of Mrs. Rungratchanee, the bank has fully reimbursed the clients.

The SEC considered that Mrs. Rungratchanee failed to perform her duties or provide services with honesty and good faith, by misappropriating investor assets. Such conduct is deemed a prohibited characteristic for capital market business personnel under the Notification of the Capital Market Supervisory Board*. Accordingly, the SEC has revoked her approval as an Investment Consultant for Complex Products Type 2**, and has determined to impose a 10‑year period, commencing from 6 November 2026, during which any application by Mrs. Rungratchanee for approval to act as capital market business personnel will not be accepted***.

In determining the aforementioned period, the SEC took 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 emphasizes that investors should regularly review their unitholding statements and bank accounts. In addition, investors are advised not to entrust investment consultants with, or sign, important documents related to transactions, such as withdrawal forms, copies of identification cards, or bank passbooks, to enable investment consultants to conduct transactions on their behalf, in order to prevent potential losses that may arise from fraudulent activities.

Notes:

* Clause 31(1) in conjunction with Clause 23(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.

** Investment Consultant for Complex Products Type 2 is allowed to provide investment advice on all types of non-complex capital market products, as well as complex or high-risk debt instruments or investment units, such as investment units of mutual funds offered to institutional or ultra-high net worth investors, investment units of mutual funds with investment in derivatives, hybrid securities, and structured notes.

*** Any application submitted by Mrs. Rungratchanee for SEC approval to be personnel in the capital market business during the 10-year period, starting from 6 November 2026, will not be accepted.