According to case referrals from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, it was revealed that during the months of January – February and July-August 2018, the 15 offenders, namely (1) Miss Yuwadee Wachiraprapa, (2) Mrs. Ananya Ruangsakvichit, (3) Mrs.Kingkarn Smitananda, (4) Miss Narumon Mangtab, (5) Beyond Securities Public Company Limited (BYD) or AEC Securities Public Company Limited at the time of the wrongdoings, (6) Mr.Dome Promayorn, (7) Miss Surachanee Limatibul, (8) Mrs.Piyama Charindhorn, (9) Miss Nutjanan Siriruchiyothai, (10) Mr. Susitak Achariyasombat, (11) Mr.Thanakit Achariyasombat, (12) Miss Pattharee Wongthonglin, (13) Mr.Praphol Milindachinla, (14) Mr. Karn Promayorn, and (15) Mr.Peerapun Kitpoka, – having business and/or personal relationships, direct or connected through related persons, – had colluded, with divided assignments, to send trading orders of STAR* shares in a consistent and supportive manner so as to push up the share prices, matching orders among themselves or executing orders in a manner of obstructing trading activities of other persons. Their actions misled the general public regarding the prices and/or trading volume of such shares, and involved a series of continuous trading orders, with the intention to cause the share prices or trading volume to be inconsistent with the normal market conditions.

The actions of the persons above are deemed offenses under Section 244/3(1)(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA), in conjunction with Section 83 or in conjunction with Sections 83 and Section 91 of the Penal Code, as the case may be, subject to the liabilities under Section 296, Section 296/1 and Section 296/2 and civil sanctions under Section 317/4 and Section 317/5 of the SEA. 

The Civil Sanction Committee (CSC) has resolved to impose civil sanctions** on those 15 offenders, as summarized below.  

          a. The offenders are required to make payments for the civil sanctions as follows:
                     (1) Eleven offenders are required to pay civil penalties, compensations in the amount equal to the benefits received or should have been received, reimbursements of investigative expenses incurred by the SEC, as follows: Yuwadee in the amount of 2,757,305 baht, Ananya in the amount of 9,020,802 baht, Kingkarn in the amount of 6,852,723 baht, Narumon in the amount of 4,825,528 baht, BYD in the amount of 18,724,673 baht, Dome in the amount of 2,417,753 baht, Piyama in the amount of 1,140,502 baht, Nutjanan in the amount of 1,377,913 baht, Susitak in the amount of 1,468,073 baht, Thanakit in the amount of 3,461,161 baht, and Pattharee in the amount of 9,191,315 baht;
                     (2) Four offenders are required to pay civil penalties and reimbursements of investigative expenses incurred by the SEC, as follows: Surachanee, Praphol, and Karn in the amount of 1,127,153 baht each, and Peerapun in the amount of 550,861 baht.
          b. The offenders are suspended from trading securities or derivatives and barred from serving as directors or executive of securities issuing companies or securities companies as follows:
                     (1) Nine offenders, namely Yuwadee, Ananya, Narumon, Dome, Surachanee, Piyama, Nutjanan, Pattharee and Praphol, are suspended from trading securities or derivatives for a period of 25 months each and are barred from serving as directors or executives in any securities issuing companies or securities companies for a period of 50 months each;
                     (2) Three offenders, namely Kingkarn, Susitak and Thanakit are suspended from trading securities or derivatives for a period of 14 months each and are barred from serving as directors or executives in any securities issuing companies or securities companies for a period of 28 months each;
                     (3) The offender, Karn, is suspended  from trading securities or derivatives for a period of 39.5 months and is barred from serving as a director or executive in any securities issuing company or securities company for a period of 79 months;   
                     (4) The offender, Peerapun, is suspended from trading securities or derivatives for a period of 24 months and is barred from serving as a director or executive in any securities issuing company or securities company for a period of 48 months.    

The civil sanctions in (b), as imposed by the CSC, will take effect when the offenders sign the letters of consent, agreeing to comply with the civil sanctions or when the periods of prohibiting the holding of director or executive positions, as ordered by the SEC pursuant to the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560***, come to an end, as the case may be. In the event that any offender refuses to give consent to the sanctions, the SEC will submit the case in writing to the public prosecutor for filing a lawsuit in the Civil Court to seek the maximum applicable civil sanctions, which shall not be lower than those specified by the CSC. 

In all cases, the civil penalties and the compensations for the benefits received or should have been received from committing the offenses shall be remitted to the Ministry of Finance as public revenue. 

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Remarks:
* Star Universal Network Public Company Limited (STAR) has changed its name to be Star Sitthi Solution Public Company Limited.
** Section 317/1 of the SEA B.E.2535 (1992) as amended by the SEA (No.5) B.E. 2559 (2016) allows the criminal offenses under the Section to be prosecuted by civil sanctions.
*** Applicable only to the offenders, having committed other offenses and being under the SEC consideration period for the untrustworthy characteristics as directors or executives under Clause 5(2), in conjunction with 6(2) of the SEC Notification No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives dated 23 January 2017.

Details of civil sanctions and associated procedures are available at:
https://www.sec.or.th/EN/Pages/LawandRegulations/CivilPenalty.aspx