Following a referral from the Stock Exchange of Thailand (SET) in July 2023 and the SEC’s further investigation, it was found that the three offenders, namely (1) Mr. Thaveerat Proongpattanaskul, (2) Miss Pajaree Samattakitborriharn, and (3) Miss Phitchayada Sirithong, were connected and acted in concert to manipulate the price or trading volume of READY shares. They did so by placing buy or sell orders, or buying and selling securities on a continued basis with an intent to cause the price or the volume of such securities trading to be inconsistent with the normal market conditions.

All three offenders engaged in actions that caused the trading activities for READY shares to deviate from normal market conditions on February 22, 2023 (the first trading day), orchestrating the price manipulation by dividing responsibilities and trading in a coordinated action. The group of offenders pushed the opening price higher by aggressively buying, swept offers at multiple price levels, and placed bids continuously, which resulted in READY shares rising and attracting other investors to follow suit. This allowed the offenders to sell shares for profit.  Additionally, their actions may be placing securities buying or selling orders while being aware that oneself or an associate has made an order to buy or sell the same securities or will do so at a similar amount and a similar price within a similar period of time. And their actions misled the other persons regarding the price or volume of READY shares and was the buying and selling READY shares on a continued basis with an intent to cause the price or the volume of such READY shares trading to be inconsistent with the normal market conditions. Their actions were to enable them to sell IPO-allocated shares and additional shares bought on this day at a high profit.

The actions of the three offenders were liable to be an offense of colluding to manipulate READY share price or trading volume under Section 244/3(1)(2) in conjunction with Section 244/5 of the Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 5) B.E. 2559 (2016), in conjunction with Section 83 of the Criminal Code, with penalties prescribed under Section 296,  Section 296/1, and Section 296/2 of the Act, as amended.

The Civil Sanction Committee (CSC) resolved to impose civil sanctions on all three offenders as follows: (1) Each offender must pay a civil penalty, compensation at an equal amount to the benefits received or that should have been received, and a reimbursement for investigative expenses incurred by the SEC, as follows: (1) Mr. Thaveerat Proongpattanaskul (a total amount of 85,732,393 baht), (2) Miss Pajaree Samattakitborriharn (a total amount of 81,277,568 baht), and (3) Miss Phitchayada Sirithong (a total amount of 66,103,418 baht). (2) Each offender is prohibited from trading securities or derivatives for 8.5 months, and is barred from serving as directors or executives in securities issuing companies or securities companies for 17 months.

The civil sanction under (2) as imposed by the CSC will take effect when the offenders sign a letter of consent, agreeing to comply with the civil sanctions. In the event that any offenders refuse to give consent to the sanction, 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.   

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

Remark:

* Section 317/1 of the Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 5) B.E. 2559 (2016), allows for civil sanctions to be imposed for criminal offenses under this Act.

Details of civil sanctions and associated procedures are available at:  https://www.sec.or.th/EN/pages/lawandregulations/civilpenalty.aspx