Following the complaint of a client of Maybank Securities (Thailand), and the SEC’s further investigation, it was found that during December 2022 – March 2023, Miss Sasakorn engaged in misconduct, causing damage to the client, as follows:
          (1)  Miss Sasakorn solicited the client to subscribe for shares of Master Style Public Company Limited (MASTER) to be offered in an initial public offering (IPO) even though Maybank Securities (Thailand) had not been appointed as an underwriter for such shares. She instructed the client to transfer funds into her personal bank account, totaling 3 million baht, but did not subscribe for MASTER shares on the client’s behalf and did not return the money to the client;
          (2) After MASTER shares were listed and traded on the Stock Exchange of Thailand (SET), Miss Sasakorn placed purchase orders for MASTER shares in her client’s securities trading account, totaling 5.68 million baht, without the client’s instruction or consent. Upon becoming aware of the transactions, the client immediately ordered the shares to be sold.

The SEC considered that Miss Sasakorn’s conduct under (1) constituted a failure to perform her duties or provide services with honesty and good faith, resulting in the wrongful acquisition of investor assets, while her conduct under (2) constituted a failure to perform her duties with responsibility and professional due care, as she made investment decisions on investor’s behalf without the investor’s instructions. Such conduct is deemed prohibited characteristics of personnel in the capital market business under the relevant Notification of the Capital Market Supervisory Board*. The SEC has therefore revoked her approval as a investment consultant for complex instruments type 1** and imposed a ban of six years and nine months for submitting any future applications for approval as capital market business personnel, effective from 25 April 2024***.

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 subscribe for IPO shares only through the duly appointed underwriters, and should not transfer funds for securities trading transactions into the personal accounts of investment consultants, as this may create opportunities for fraud and could result in substantial financial loss. In case of suspicious activities or inquiries, investors should contact their service providers or reach out to the “SE Complaint Center” via Hotline 1207 or the SEC’s official Facebook page: “สำนักงาน กลต.”, or through SEC Live Chat on the SEC website.

Notes: 
* Failure to comply with Clause 23(1) and Clause 23(2) 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 1 refers to a person who is allowed to give investment consultation on all types of 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, structured notes, and derivatives.
*** Miss Sasakorn’s applications for approval as capital market business personnel submitted during the six-year and nine-month period, effective from 25 April 2024, will not be accepted.