Following an inspection report from KTB and the SEC’s further investigation, it was found that during the period from April 2018 to December 2024, Miss Suntaree committed misconduct involving the misappropriation of assets belonging to 11 clients, with a total value of THB 115,550,000. The misconduct comprised the following: (1) presenting investment funds and receiving withdrawal forms or cash, purchase order forms signed by clients, as well as copies of clients’ identification cards and bank passbooks from clients who intended to invest in such funds, but failing to carry out the fund purchases in accordance with the clients’ intentions; and (2) preparing or altering documents and delivering them to clients in order to conceal the misconduct and mislead clients into believing that the value of their investments in fund accounts remained intact, including preparing summary statements of deposits, investment funds, and insurance that contained false information.

Furthermore, after the bank discovered the misconduct, Miss Suntaree admitted the wrongdoing to the bank and partially reimbursed the affected clients. The bank subsequently reimbursed the remaining amounts to the clients in full.

The SEC considered that Miss Suntaree failed to perform her duties or provide services with honesty and good faith, by misappropriating investor assets. Such conduct is deemed a prohibited characteristic for capital market business personnel under the Notification of the Capital Market Supervisory Board*. Accordingly, the SEC has revoked the approval of Miss Suntaree as an Investment Consultant for Complex Products Type 1** for a period of 10 years. However, as her approval had already expired on 31 December 2025, the SEC has determined to impose a 10‑year period, commencing from 13 May 2026, during which any application by Miss Suntaree for approval to act as capital market business personnel will not be accepted***.

In determining the aforementioned period, the SEC took into account several factors, including the individual’s relevant roles and conduct; any penalties already imposed; the extent of damages or benefits resulting from the actions; any corrective measures or other actions that either support or hinder the SEC’s proceedings; and records or past demeanors indicating unsuitability to serve as personnel in capital market businesses. 

The SEC emphasizes that investors should regularly review their unitholding statements and bank accounts. In addition, investors are advised not to entrust investment consultants with, or sign, important documents related to transactions, such as withdrawal forms, copies of identification cards, or bank passbooks, to enable investment consultants to conduct transactions on their behalf, in order to prevent potential losses that may arise from fraudulent activities.

Note:
* Clause 31(1) in conjunction with Clause 23(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Personnel in the Capital Market Business dated 3 June 2014, as amended by the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 48/2560 Re: Rules on Personnel in the Capital Market Business (No. 7) dated 30 August 2017.

** Investment Consultant for Complex Products Type 1 is allowed to provide investment advice on all types of non-complex capital market products and complex or high-risk instruments, e.g., investment units of mutual funds offered to institutional or ultra-high net worth investors, investment units of mutual funds with investment in derivatives, hybrid securities, structured notes, and derivatives.

*** Any applications submitted by Miss Suntaree for SEC approval to be personnel in the capital market business during the 10-year period, starting from 13 May 2026, will not be accepted.