The SEC has revoked investment consultant Sareerat Saechaw’s license for 10 years following acts of dishonesty and misuse of client assets, causing damages amounting to 389,622.60 baht.
The Securities and Exchange Commission has enacted a 10-year ban on an investment consultant named Miss Sareerat Saechaw for demonstrating dishonesty, which greatly undermined the trustworthiness of personnel in the capital market sector, and for failing to fulfill her responsibilities with integrity by mismanaging investor assets. She was working at TTB Bank Public Co., Ltd. at the time of her unethical actions.
Following an inspection report from TTB Bank and a subsequent investigation by the SEC, it was revealed that between 2015 and 2024, Sareerat engaged in dishonest and unethical actions involving a client’s assets. These actions included:
1. Using the client’s credit card to withdraw cash and spending the funds for personal purposes.
2. Altering the client’s banking account contact information (mobile number and email address) and replacing it with her own details to register for the bank’s internet banking services under the client’s name. She then withdrew money from the client’s account for her personal use.
3. Redeeming investment units from the client’s mutual fund portfolios via the bank’s internet banking platform and transferring the proceeds from the redemption to her personal bank account. These actions resulted in total damages amounting to 389,622.60 baht. Sareerat has since fully compensated the client for the losses incurred.
The SEC strongly advises investors to routinely review their mutual fund holdings and bank account statements. Investors are encouraged not to use or allow the use of investment consultants’ email addresses or phone numbers for communication or receiving critical documents. Taking this precaution helps safeguard against potential fraud-related losses.
