According to referrals from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, it was revealed that six individuals, with relationship among themselves, had engaged in PRINC trading orders in a manner consistent with price manipulation in two incidents during July 2017 – June 2018. They are: (1) Mr. Satit Viddayakorn, (2) Mr. Sirivat Voravetvuthikun, (3) Miss Pallapa Viddayakorn, (4) Mrs. Payao Chalacheebh, (5) Mrs. Sompong Srisupornwong, and (6) Miss Pichaya Krimwongrat. A summary of their offenses is as follows: 

The first incident: Between 25 July 2017 and 17 January 2018, the six offenders with personal relationships or connection through financial routes, stocks, business or related persons, colluded by dividing tasks to place orders to buy and sell PRINC shares in a manner that misled the public about the price or trading volume of the securities. They placed orders continuously with the intention to cause the price or trading volume to be inconsistent with normal market conditions by, for example, manipulating the share price, alternating selling orders for profit during the day, and controlling bid orders to manipulate the closing price;       

The second incident: Between 14 February 2018 (before the market closed) and 27 June 2018, four offenders – namely, Satit, Sirivat, Pallapa and Payao – colluded to send trading orders of PRINC shares in a manner that manipulated the share price similar to the first incident. This caused the public to be misled about the price or trading volume of the securities. They placed ordered continuously with the intention to cause the price or trading volume to be inconsistent with normal market conditions.  

The acts of the six individuals above were liable to be offenses under Section 244/3(1)(2) in conjunction with Section 244/5 or Section 244/6 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), as the case may be, in conjunction with Section 83 of the Criminal Code, subject to the penalties 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 therefore resolved to impose civil sanctions on the six offenders above, as summarized below:  

(1) The offenders – namely, Satit and Sirivat – are required to separately pay a civil monetary penalty and a reimbursement of the investigative expenses incurred by the SEC in the amount of 1,052,733 baht each. Additionally, Satit is prohibited from trading securities or derivatives for 33.5 months, and from serving as director or executive of any securities issuing company or securities company for 67 months, while Sirivat is prohibited from trading securities or derivatives for 28 months, and from serving as director or executive of any securities issuing company or securities company for 56 months; 

(2) The offenders – namely, Pallapa, Payao, Sompong and Pichaya – are required to separately pay a civil monetary penalty, a compensation in the amount equal to the benefits received or would have been received, and a reimbursement of the investigative expenses incurred by the SEC in the amounts of 287,245,797 baht, 81,535,025 baht, 3,133,013 baht, and 52,775,920 baht, respectively. Additionally, Pallapa, Payao, Sompong and Pichaya are prohibited from trading securities or derivatives for 36.5 months, 34 months, 17 months and 20 months, respectively, and from serving as director or executive of any securities issuing company or securities company for 73 months, 68 months, 34 months and 40 months, respectively.   

The civil sanctions, as imposed by the CSC, will take effect when the offenders sign the letters of consent, agreeing to comply with the civil sanctions. In the event that any offenders refuse to give consent to the sanctions, the SEC will submit the cases 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 monetary penalties and the compensations for the benefits received or would have been received from committing the offenses shall be remitted to the Ministry of Finance as public revenue.  

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