Earlier, the SEC filed a criminal complaint against 32 individuals,* as co-principals, for jointly manipulating the price or trading volume of MORE shares during 18 July – 10 November 2022. Their behaviors of placing trading orders in a manner that misled the public about the price or trading volume of securities, including the placing of consecutive trading orders aimed at deviating the price or trading volume of MORE securities from normal market conditions, were liable to be a violation of Section 244/3 (1) and (2), in conjunction with Section 244/5 and Section 244/6 of the Securities and Exchange Act, B.E. 2535 (1992), in conjunction with Section 83 of the Criminal Code. The criminal complaint was filed with the inquiry official of the Economic Crime Suppression Division (ECD) of the Royal Thai Police on 27 June 2023. 

The SEC has received coordination from the special case investigative team**, which was appointed by Prime Ministerial Order No. 288/2023 dated 24 October 2023, in considering and investigating additional individuals who may have engaged in manipulating the price or trading volume of MORE shares. Based on the investigative findings and information received from the ECD, as part of the special case investigative team, the SEC has found facts and evidence supporting the premise that the eight individuals above together with those previously charged with the complaint, had manipulated the price or trading volume of MORE shares during 18 July – 10 November 2022, which was liable to be a violation of Section 244/3 (1) and (2), in conjunction with Section 244/5 and Section 244/6 of the Securities and Exchange Act, B.E. 2535 (1992), in conjunction with Section 83 of the Criminal Code. Therefore, the SEC has filed the criminal complaint against the eight individuals above with the DSI for further legal proceedings. 

In this regard, since the offenses relating to unfair securities and derivatives trading practices also constitute a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999) and related amendments, the SEC has informed the case to the AMLO for consideration of further actions.

This additional investigation is a collaboration between the SEC and the special case investigative team in line with the policy of proactive collaboration in investigating and examining offenses related to capital market to enhance enforcement efficiency. 

The filing of a criminal complaint is just the commencement of the criminal proceedings, whereby the consideration of whether any person is guilty is subject to the inquiry official’s investigation, the public prosecutor’s prosecution, and the court’s adjudication, respectively.  

“The DSI has accepted this matter as a special case, and the ECD, which has been working with the SEC since the beginning, has been appointed to the special case investigative team. The SEC has been coordinating and working closely with the inquiry officials, leading to the filing of a criminal complaint against a number of offenders for manipulating MORE shares. Subsequently, additional information and evidence have emerged from the ECD’s investigation. The SEC thus expanded the investigation to take further legal action against additional offenders. The SEC is pleased and ready to fully support and collaborate with the inquiry officials,” said Mr. Anek Yooyuen, SEC Deputy Secretary-General and Spokesperson.  

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Remarks: 

* SEC News No. 108/2566 headlined: “SEC files a criminal complaint against 32 individuals with ECD for manipulating the price or trading volume of MORE shares, released on 27 June 2023.  

** Consisting of DSI and ECD.