Following the referrals from the Stock Exchange of Thailand (SET) during 2022 -2023, and the SEC’s further investigation, evidence indicated a reasonable ground to believe that a group of 18 persons with personal and financial relationships and securities trading activities colluded to manipulate the price and/or trading volume of OTO shares, or to assist such manipulation, from 13 July 2021 to 3 May 2023 (a total of 438 business days). Their trading activities included: sending buy orders in a manner that pushed prices upward; executing small-volume trades to stimulate the market; occupying the bid at certain price levels to obstruct and pressure other investors to buy at higher prices; sending matched orders among themselves with similar volumes, prices and timeframes; and controlling the closing price by sending buy or sell orders during the pre-close period that pushed the projected closing price upward. Consequently, their actions misled the public about the price or trading volume of OTO shares and caused the price or trading volume of the securities to deviate from normal market conditions. The 18 offenders are: (1) Mr. Sittichai Phonsap-anan, (2) Mr. Nattapong Seetavorarat, (3) Miss Ratha Weerapong, (4) Mr. Phakpoom Termsereekul, (5) Mr. Boon-aue Chitthanom, (6) Miss Kittiya Utokyota, (7) NEX 2 Capital Co., Ltd. (Wealth Plus Holding Co., Ltd.), (8) Mr. Pinyo Ruckapunmetee, (9) Mr. Amornthep Watcharaprueksadee, (10) Mr. Adam Insawang, (11) Mr. Patipol Prawangsuk, (12) Mr. Chayanon Chaowakitcharoen, (13) Mr. Sathaporn Phothong, (14) Mr. Suwit Cheewatham, (15) Mr. Boonlerd Iewpornchai, (16) Miss Natkamon Namkaeng, (17) Mr. Phongpat Cheewatham, and (18) Mr. Chaiwat Phithakraktham.

The actions of the 18 offenders above constitute violations of Section 244/3 (1) and (2), in conjunction with the presumption under Section 244/5 of the Securities and Exchange Act B.E. 2535 (1992) (“SEA”), in conjunction with Section 83 of the Criminal Code, or Section 244/3 (1) and (2) in conjunction with the presumption under Section 244/5, in conjunction with Section 315 of the SEA (as the case may be), subject to the penalties under Section 296, Section 296/1 and Section 296/2 of the SEA. The SEC has therefore filed criminal complaints against the 18 offenders with the DSI for further legal action. 

Concurrently, the SEC has reported these legal proceedings above to the AMLO for consideration of further action because such offenses are unfair securities trading activities, which constitute a predicate offense under the Law on Anti-Money Laundering. 

Following the criminal complaints filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, a prosecution of the public prosecutor, and an adjudication of the court of justice, respectively. In this regard, the SEC will monitor progresses in the legal proceedings and will cooperate fully with relevant agencies to support legal enforcement under the SEA after the criminal complaint has been filed.