The SEC found that, during the period commencing on 14 May 2021, IBS Intensive provided services or held itself out to the public that it would invest funds in gold futures and digital assets. The company also engaged in solicitation and publicity activities through a Facebook page named Kridtapon Petkeawna. Such conduct constitutes acting jointly with Mr. Kridtapon as a derivatives fund manager and a digital asset fund manager. IBS Intensive carried out such activities without obtaining the required licenses, thereby constituting a violation of Section 16, subject to penalties under Section 125 of the Derivatives Act, in conjunction with Section 83 of the Criminal Code. The conduct also constitutes a violation of Section 26, subject to penalties under Section 66 of the Emergency Decree.

In this regard, the offense committed by IBS Intensive is considered to have resulted from the instructions or actions of Mr. Kridtapon, the director of IBS Intensive. Accordingly, Mr. Kridtapon is subject to penalties under Section 94 of the Emergency Decree.

The SEC has therefore filed a criminal complaint with the ECD against IBS Intensive and Mr. Kridtapon for consideration of further legal action. 

Following the criminal complaint filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, prosecution by the public prosecutor, and adjudication by the court of justice, respectively. In this regard, the SEC will monitor the progress of the legal proceedings and cooperate fully with relevant agencies to support legal enforcement under the Derivatives Act and Emergency Decree after the criminal complaint has been filed. 

In addition, the SEC urges the public and investors to exercise caution when using the services of unlicensed derivatives business operators and digital asset business operators, as they will not be protected under the law and may be exposed to risks of fraud and scams as well as money laundering activities. The list of licensed business operators can be verified on the SEC’s website at www.sec.or.th and via the SEC Check First application. The list of persons who are not licensed or regulated by the SEC can also be verified through the Investor Alert at https://market.sec.or.th/public/idisc/th/InvestorAlert.

Investors are therefore advised to verify the licensing status of derivatives business operators and digital asset business operators via www.sec.or.th and the SEC Check First application prior to using their services. In addition, if there are any inquiries or information regarding suspicious activities, please contact the SEC Complaint Center via Hotline 1207 for further in-depth investigation.