Following a referral from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, the findings and evidence indicated that during 15 May - 13 August 2020, the 14 offenders, who were interconnected through personal relationships, relationships arising from their patterns of opening securities trading accounts or placing trading orders, and financial relationships, namely (1) Mr. Thongchai Pairrungsri, (2) Miss Jiraluck Pairrungsri, (3) Mr. Rachata Khongbun, (4) Mr. Wut Borvornjirapat, (5) Mr. Peera Dumrongmahasawat, (6) Mrs. Sirirat Jarusombuti, (7) Miss Kaewjai Limpisuk, (8) Miss Kanit Limpisuk, (9) Mr. Phahon Limpisuk, (10) Miss Ueamporn Saekwang, (11) Mr. Thanespol Xu, (12) Miss Sirikorn Kongboon, (13) Mr. Thapanat Limthongsittikun, and (14) Mr. Nuttapol Ngamlao, jointly, through a division of roles, manipulated the price or trading volume of securities by placing buy or sell orders for securities, or buying or selling securities, in such a way that misleads other persons regarding the price or trading volume of the securities on a continued basis with the intent to cause the price or trading volume of the securities to be inconsistent with normal market conditions.

In this regard, the 14 offenders engaged in conduct involving the provision of financial assistance, the sharing of benefits derived from the securities trading accounts of other offenders, and, in the case of certain offenders, receipt of warnings concerning placing improper trading orders. They also jointly placed CRANE share trading orders in a coordinated manner, alternated in executing buy and sell orders, continuously placed large-volume buy orders at multiple price levels, obstructed other persons’ trading to maintain priority in the bid queue, executed purchases against outstanding offers, drove the price upward, conducted a large volume of matched orders among themselves, and placed trading orders designed to mark the opening price and closing price of CRANE shares on several trading days. As a result, the price or trading volume of CRANE shares during the relevant period was inconsistent with normal market conditions.

The actions of the aforesaid 14 offenders constituted the offence of jointly manipulating the price or trading volume of CRANE shares under Section 244/3(1) and (2), in conjunction with Section 244/5 and/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, and are subject to penalties under Section 296, Section 296/1, and Section 296/2 of the SEA.

The Civil Sanctions Committee (CSC) has therefore resolved to apply civil sanctions* to the 14 offenders by prescribing the following civil sanctions, comprising a civil penalty, a compensation equal to the benefit received or should have been received (if any), a reimbursement of investigative expenses incurred by the SEC, a suspension from trading securities or derivatives, and a bar from serving as a director or executive in a securities issuing company or a securities company, as follows:

(1) Mr. Thongchai shall pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 519,419.11 baht. In addition, he shall be suspended from trading securities or derivatives for 20 months and barred from serving as a director or executive in a securities issuing company or a securities company for 40 months.  

(2) Miss Jiraluck, Mr. Rachata, Mr. Peera, Miss Kaewjai, Mr. Phahon, Miss Sirikorn, and Mr. Thapanat shall each pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 519,419.11 baht per person. In addition, each shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for 28 months.  

(3) Mr. Wut shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 11,642,949.11 baht. In addition, he shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for 28 months.  

(4) Mrs. Sirirat shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 10,866,304.11 baht. In addition, she shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for 28 months.  

(5) Miss Kanit shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 6,764,589.11 baht. In addition, she shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for 28 months.  

(6) Miss Ueamporn shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 4,529,334.11 baht. In addition, she shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for 28 months.  

(7) Mr. Thanespol shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 1,560,459.11 baht. In addition, he shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for 28 months.  

(8) Mr. Nuttapol shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 4,081,964.11 baht. In addition, he shall be suspended from trading securities or derivatives for 14 months and barred from serving as a director or executive in a securities issuing company or a securities company for 28 months.  

The civil sanctions prescribed by the CSC, namely the periods of the bar from serving as a director or executive and the suspension from trading securities or derivatives as mentioned above, will take effect as specified in the letter of consent to comply with the civil sanctions prescribed by the CSC. If the offender refuses to extinguish the case, the SEC will request the public prosecutor to file a lawsuit in the Civil Court seeking the imposition of civil sanctions at the maximum rates provided by law, provided that such rates shall not be lower than those prescribed by the CSC.

Civil penalties and compensation for benefits received or that should have been received from committing the offense shall be remitted to the Ministry of Finance as public revenue. 

Note: 
* 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