Following a report from KTB and the SEC’s further investigation, it was found that during the period from 2024 to 2025, Miss Wannapat misappropriated the assets of two clients in the total amount of 2,106,167.05 baht, thereby causing losses to the clients. The misconduct involved the following actions: (1) selling investment units belonging to Client 1 without the client’s instruction and withdrawing the proceeds from the sale from the client’s bank account for personal use; (2) transferring funds without underlying cash (unsupported transfers) to purchase investment units for the client, thereby misleading the client into believing that the balance in the relevant fund account remained intact, and subsequently cancelling such transactions; and (3) withdrawing cash from the account of Client 2 and (3.1) using part of such funds to repurchase investment units for Client 1, and (3.2) transferring the remaining amount into her own bank account for personal use.
In carrying out the above misconduct, Miss Wannapat signed the names of clients and the authorized checker on fund trading order forms without the actual signatures of either party, and used the checker’s password, without authorization, to approve trading transactions and cancel fund purchase transactions, as well as to withdraw money from clients’ bank accounts. In this regard, Miss Wannapat has partially compensated the affected clients, and the remaining amount has been fully reimbursed to the clients by the bank.
The SEC has considered that Miss Wannapat’s conduct, as described in items (1), (2), and (3.1), constituted a failure to perform her duties or provide services with honesty and good faith, by misappropriating investor assets, while the conduct described in item (3.2) constituted conduct suggestive of dishonesty that has had a significant adverse impact on the credibility required of capital market business personnel. Both types of conduct are deemed the prohibited characteristics of 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** for a period of 10 years. However, as Miss Wannapat’s approval as an investment consultant for Complex Products Type 2 had already expired on 31 December 2025, the SEC therefore imposed a ban on accepting any future applications for approval as capital market business personnel for a period of 10 years, effective from 28 April 2026***.
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. If investors identify any trading or cash withdrawals that they did not instruct, they should immediately reject or raise an objection to such transactions in order to prevent potential losses. For any inquiries, investors should contact their service providers, or reach out to the SEC Complaint Center via Hotline 1207, the SEC Facebook Page: “สำนักงาน กลต.”, or SEC Live Chat on the SEC website.
Note:
* This constitutes a failure to comply with Clause 23(1), which falls within the prohibited characteristics of personnel in the capital market business under Clause 31(1) and also constitutes a prohibited characteristic under Clause 31(3) 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 applications submitted by Miss Wannapat for SEC approval to be personnel in the capital market business during the 10-year period, starting from 28 April 2026, will not be accepted.