According to a referral from the Stock Exchange of Thailand (SET) and the SEC’s further examination, there was evidence that 13 persons, namely: (1) Mr. Suraphong Triamchanchai, (2) Nippon Pack (Thailand) Public Company Limited (currently renamed as Global Consumer Public Company Limited (NPP)), (3) Ms. Tipparat Sakornsuksriruek, (4) Ms. Rinnapa Kunawatsatit, (5) Mr. Wattana Swatthong, (6) Mr. Danuj Bunnag, (7) Mr. Praphol Milindachinla, (8) Mrs. Kingkarn Smitananda, (9) P-SAT Corporation Co., Ltd. (P-SAT), (10) Mr. Anupon Sriard, (11) Mr. Kijjapat Itthiritthanon, (12) Mrs. Ananya Ruangsakvichit, and (13) Mr.  Nattapon Chalermpot – all appeared to have relationships with one another – had engaged in trading activities of FVC stocks, exhibiting a pattern of trading in mutual awareness or agreement. They divided responsibilities for placing trading orders of FVC stocks, while coordinating and supporting one another consistently. This resulted in irregularity of the FVC share prices and trading volumes. Such behaviors took place during 25 – 31 August 2515 (including five business days) and during 19 – 21 October 2015 (three business days), misleading the general public into believing that during such periods of time, there were high demands for FVC stocks and subsequently entering into the trading of such stocks as well. The actions of the 13 persons above were liable to be an offense under Section 243(1) in conjunction with Section 244 and Section 243(2), and subject to the penalties under Section 296 of the Securities and Exchange Act (SEA). Currently, the offense is specified under Section 244/3 and liable to the penalties under Section 296 of the SEA, as amended by the SEA (No. 5) B.E. 2559 (2016). 

Furthermore, Anupon, in his capacity as a manager of private funds under management of AEC Securities Public Co., Ltd. (currently renamed as Beyond Securities Public Company Limited) with the authority to place orders in the trading accounts of private fund clients, executed trading orders of FVC stocks in a manner that manipulated the prices of FVC storks during the aforesaid periods. This constituted dishonest performance of his duties and failure to protect the interests of the clients entrusting the company to manage their private funds with due care and professional standards, consequently liable to be a violation of Section Paragraph 2 and 3 of Section 134, in conjunction with Paragraph 1 of Section 133 of the SEA. Additionally, in the case of Praphol, he failed to report the acquisition or disposal of FVC shares that triggered the five-percent threshold of the total voting rights, thus constituting a violation of Section 246 of the SEC as well.

In this regard, with thorough consideration, the SEC has viewed that the misconduct of this group of wrongdoers followed a systematic pattern, characterized by coordinated actions in placing trading orders to manipulate the price of FVC share. Moreover, the SEC has found that many offenders in this case had been consistently involved in other wrongdoings, both in the manners of fraud and unfair securities trading, and the SEC has taken legal actions against these offenders in many cases. In this particular case, the SEC has filed a criminal complaint against the 13 offenders with the ECD for consideration of legal action. Since their wrongdoing is considered a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999), as amended, the SEC has reported the legal proceedings under the SEA above to the AMLO as well.

In any case, filing the criminal complaint is merely the commencement of the criminal procedure whereby the inquiry official will perform an investigation before recommending the case to the public attorney who has authority for prosecution. The power to adjudicate whether any person is guilty or not is, however, vested on the court of justice. In this regard, the SEC will monitor the progress of the ongoing legal proceedings and collaborate fully with relevant agencies in subsequent processes after the filing of the criminal complaint to support law enforcement under the Securities and Exchange Act.