The SEC has imposed financial penalties and trading prohibitions on 14 individuals for manipulating share prices. These individuals collaborated in three separate incidents, resulting in increased trading volumes and manipulated closing prices of shares.
The Securities and Exchange Commission (SEC) has imposed civil sanctions on 14 offenders for manipulating the share prices of The Steel Public Company Limited (THE), requiring them to pay collective civil monetary penalties in the total amount of 275,874,196.83 baht as well as prohibiting them from trading securities and derivatives and serving as director or executive of securities issuing companies and listed companies for specified periods.
According to referrals from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, it was revealed that 14 individuals had engaged in THE trading orders in a manner consistent with price manipulation. They are: (1) Mr. Boonchai Jirapongtrakul, (2) Mr. Boonchoke Thiratarakorn, (3) Mr. Booncherd Santudpanich, (4) Mr. Suwit Jjraphongtrakul, (5) Mrs. Wanna Sittisirinukul, (6) Mr. Theerawat Saekuai, (7) Mr. Preyatada Buranaworakhun, (8) Mr. Surachaste Boonyasatian, (9) Mr. Karoon Thiravorachai, (10) Mr. Sirichai Chaisuthamporn, (11) Miss Ratana Jirapongtrakul, (12) Mr. Chatri Anunrojwong, (13) Miss Kittika Wisarootanart and (14) Mr. Thana Seentanaphatr. The investigation also revealed that these offenders had business connection or personal relationship, either directly or through related persons. The offenders (1) to (12) colluded to send trading orders of THE shares continuously in a manner that misled other people, causing the prices or trading volumes to be inconsistent with normal market conditions. The offenders (13) and (14), in their capacity as investment consultant, rendered assistance with the execution of the trading orders, which occurred in three different time periods. A summary of their offenses is as follows:
The first incident: During 23 June – 15 December 2015, there were 11 offenders involved in the manipulation of THE shares. Boonchai, Boonchoke, Booncherd, Suwit, Wanna, Theerawat, Preyatada, Surachaste, Karoon and Sirichai colluded to send trading orders in a manner consistent with share price manipulation, causing the average daily trading volume to increase from 0.19 million shares to 2.20 million shares, and the closing price to rise from 4.40 baht to 10.40 baht. The execution of the trading orders of Karoon was assisted or facilitated by Kittika.
The second incident: During 4 January 2017 – 21 December 2018, there were 12 offenders involved in the manipulation of THE shares. Boonchai, Boonchoke, Booncherd, Wanna, Theerawat, Preyatada, Surachaste, Sirichai, Ratana and Chatri colluded to manipulate the prices and trading volumes of THE shares, causing the average daily trading volume to increase from 1.58 million shares to 6.71 million shares, and the closing price to drop from 4.60 baht to 1.74 baht. The execution of the trading orders of Preyatada was assisted or facilitated by Kittika and Thana.
The third incident: During 13 February 2019 – 25 February 2020, there were nine offenders involved in the manipulation of THE shares. Boonchai, Boonchoke, Preyatada, Surachaste, Sirichai, Ratana and Chatri colluded to manipulate the prices and trading volumes of THE shares, causing the average daily trading volume to increase from 0.31 million shares to 7.42 million shares, and the closing price to rise from 1.71 baht to 1.89 baht. The execution of the trading orders of Preyatada was assisted or facilitated by Kittika and Thana.
The acts of the individuals above were liable to be offenses under Section 243(1) in conjunction with Section 244(1) and Section 243(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 and Section 86 of the Criminal Code, subject to the penalties under Section 296 of the SEA and Section 244/3(1)(2) in conjunction with Section 244/6(3)(6) of the SEA in conjunction with Section 83 of the Criminal Code and Section 315, subject to the penalties under Section 296, Section 296/1 and Section 296/2 of the SEA, as the case may be.
Source : SEC imposes civil sanctions on 14 offenders for manipulating THE prices
