Bangkok, July 4, 2016 ? The SEC has revoked the approval of two capital market investment consultants, namely Ms. Panita Autthasereevong and Ms. Nitchawan Singkham, for 10 years each, starting July 1, 2016.

In the case of Panita, she committed wrongful acts against clients? assets by using the client?s trading account to trade securities for her own personal gains or others? and making investment decisions for investors. 

Following a referral from Maybank Kim Eng Securities (Thailand) Plc., the SEC?s further inspection has revealed that Panita, who was an employee of Maybank Kim Eng Securities (Thailand) at the time, had prepared documents and contracts on behalf of the securities company and solicited eight clients to deposit money in the company?s banking account for the purpose of investing in a made-up investment project.

In so doing, Panita replaced the names of the depositors with those of several other clients who were related to herself and used the money to trade securities via the trading accounts of those related clients. She later withdrew the money for her own personal gains, causing damage to the solicited clients who had made the deposits in the first place. Consequently, Maybank Kim Eng Securities (Thailand) terminated Panita?s employment and filed a lawsuit against her and the related persons.

In the case of Nitchawan, her dishonest acts against a client?s assets involved using the client?s trading account to trade securities for her own personal gains and interfering with the client?s assets by withdrawing and tranfering securities from the client?s account. 

According to a referral from SCB Securities Co., Ltd. and the SEC?s further findings, Nitchawan, who was working for the securities company at the time, affixed signatures as the transferor and the transferee of securities in a client? account to authorize securities transfers to the accounts of her related persons. In so doing, she filled in her own telephone number on the securities transfer form as the transaction confirmation number. Later, she sold the securities from the transferee?s account and had the money transferred to her, causing damage to the true owner of the transferred securities. Consequently, SCB Securities terminated her employement and had her pay compensation to the inflicted client in full.

Panita and Nitchawan have failed to perform their duties or provide services honestly. Their misconducts were deemed wrongful treatments of clients? assets with the intention to conceal, fabrication of false evidence, exploitation of investors? trading accounts for their own personal gains or others?. In addition, Panita made trading decisions for investors, while Nitchawan interfered with investors? assets by withdrawing and transferring securities of investors.

Both offenders violated or failed to comply with the rules on capital market personnel prescribed in the Notifications of the Capital Market Supervisory Board*. The SEC therefore has revoked the approval of these two capital market investment consultants for a period of 10 years each, effective from July 1, 2016.

Since the approval of Panita expired on December 31, 2015 without renewal thereafter, the SEC bans her from re-entering the industry as capital market investment consultant for 10 years, starting from July 1, 2016.

SEC Deputy Secretary-General Tipsuda Thavaramara said: ?Investors should be careful not to allow any investment consultant to use their trading or banking accounts for any transaction not their own, or risk being exploited for an offense without their knowledge or subject to litigation in connection with an investment consultant?s misconduct.?

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*The Notifications of the Capital Market Supervisory Board regarding Rules on Capital Market Personnel relevant to these cases are:
 (a) Panita violated Clause 20(1) and Clause 20(2) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 3/2555 Re: Granting of Approval for Intermediary Personnel as Investment Analyst and Investment Consultant dated 18 January 2012 and Clause 6(1) of the Notification of the Capital Market Supervisory Board No. TorThor/Nor/Khor. 37/2553 Re: Prohibited Characteristics of Capital Market Personnel dated 15 September 2010, which are in violation of Clause 23(1) and (2) and Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Capital Market Personnel dated 3 June 2014, which has replaced the first two notifications above.

(b) Nitchawan violated Clause 23(1) and Clause 23(2) regarding prohibited characteristics of capital market personnel under Clause 31(1) of the Notification No. Tor Lor Thor. 8/2557.