Following a report from KTB and the SEC’s further fact-finding, it was found that, during 2014–2021, Ms. Narueorn engaged in misconduct involving investor assets by continuously and secretly selling clients’ investment units in multiple transactions. She illicitly used other employees’ login credentials to approve the redemption of investment units and the withdrawal of redemption proceeds, and forged the clients’ signatures on sale orders and withdrawal forms for redemption proceeds, causing the clients total damages of 3,506,112.49 baht.

The SEC considers Ms. Narueorn’s actions to be a failure to perform her duties or provide services with honesty and good faith, which is deemed a prohibited characteristic for capital market business personnel under the Notification of the Capital Market Supervisory Board.* The SEC has therefore revoked her approval as investment consultant for complex instruments type 2** and imposed a ban on accepting any future applications for approval as capital market business personnel for a period of six years and eight months, effective from 22 March 2023.***  

In determining administrative sanctions, the SEC takes 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 reiterates that investors should regularly review their unitholding reports and bank accounts. If any unauthorized transactions or withdrawals are found, investors should immediately refuse or raise an objection to prevent potential damage. For further inquiries, investors should contact their service providers or the SEC Complaint Center at Hotline 1207, via the SEC’s official Facebook Page at “สำนักงาน กลต,” or through SEC Live Chat on the SEC website.

Notes:
* Clause 23(1) is a prohibited characteristic of capital market business personnel under Clause 31(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 Instruments Type 2 is allowed to give investment advice on non-complex capital market products and complex or high-risk instruments, e.g., 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.
*** Ms. Naruorn’s applications for SEC approval to serve as personnel in the capital market business will not be accepted during the six-year-and-eight-month period, starting from 22 March 2023.