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The Securities and Exchange Commission

SEC News Release
SEC News Release
From : Home > SEC News Release

No. 8 / 2014

Wednesday 22 January 2014

Bangkok, January 22, 2014 – The SEC revealed that the Settlement Committee imposed a total fine of 26,665,197.12 baht on Somdej Leesawadtrakul as the principal, as well as Sittichai Leesawadtrakul, Ladda Leesawadtrakul and Usanee Onchay as the aiders and abettors, for manipulating share price of Rich Asia Steel Plc. (RICH).
With the referral from the Stock Exchange of Thailand (SET) on irregular trading of RICH shares by a group of persons, the SEC probed into the case and found that from May 10 – July 31, 2007, Somdej in colluding with other persons had traded RICH shares through 15 related persons’ securities trading accounts to lure the public into the trading. This resulted in high impact on RICH shares’ trading values and volumes while a number of trading orders were matched within the said group.
Sittichai, Ladda and Usanee aided or abetted the aforesaid actions by providing their trading accounts to be used. In addition, Sittichai also helped place trading orders while Ladda and Usanee took care of the withdrawal of cash collateral or payment for trading of RICH shares.
The act of Somdej was in violation of Sections 243(1) in conjunction with 244 and 243(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 of the Penal Code. The acts of Sittichai, Ladda and Usanee were in violation of Sections 243(1) in conjunction with 244 and 243(2) of the SEA in conjunction with Section 86 of the Penal Code.

As they all agreed to enter the settlement procedure, the Settlement Committee imposed a fine on Somdej in the amount of 25, 665, 197.13 baht and a fine of 333,333.33 baht on Sittichai, Ladda and Usanee each. 




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