# SEC and ECD raid on unlicensed business operators at FinTech exhibition

- Link: https://www.thailand-business-news.com/markets/160880-sec-and-ecd-raid-on-unlicensed-business-operators-at-fintech-exhibition
- Published: 2024-09-10T08:09:00+07:00
- Author: SiamNews PR

**SEC and CIB inspected a FinTech exhibition at a hotel, where unlicensed operators
were found soliciting public to use their services. Public and event organizers 
warned to be cautious.**

---

The Securities and Exchange Commission (SEC), in collaboration with the Royal Thai
Police’s Central Investigation Bureau (CIB) through the Economic Crime Suppression
Division (ECD), has conducted an inspection of unlicensed business operators at 
their booths during a financial technology (FinTech) exhibition held at a hotel.
They were found soliciting the public to use their services without proper license.

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## Key Takeaways

 * The SEC and relevant authorities conducted a joint operation following reports
   of suspicious activities at an exhibition involving unlicensed securities, derivatives,
   and digital asset business operators.
 * Despite prior alerts to the event organizers, on-site inspections revealed exhibitors
   engaging in unlicensed activities, prompting the SEC to collaborate with authorities
   for further investigation.
 * The SEC emphasized potential legal action, including imprisonment and fines, 
   against exhibitors found to have violated regulations, demonstrating their proactive
   approach to enforcing laws and protecting the public and investors.

The SEC monitors and observes events and exhibitions featuring booth setups related
to investment advice and service solicitation. Recently, the SEC has been alerted
by the public and relevant stakeholders regarding suspicious activities involving
unlicensed securities companies, derivatives business operators, and digital asset
business operators, including such business operators from abroad. These entities
allegedly solicited the public to invest or use their services at their booths during
a FinTech exhibition at a hotel. In this regard, the SEC coordinated with the venue
owner and the event organizer in advance, informing them of these concerns before
the event date.

On 7 September 2024, the date of the event, the SEC conducted an on-site inspection
and found that some exhibitors were engaging in business activities without proper
license. The SEC notified the event organizer to suspend the activities of these
exhibitors. However, due to a lack of timely cooperation, the SEC teamed up with
relevant authorities to investigate, which involved checking 10 exhibitors. More
evidence were gathered. If any activities liable to be in violation of the laws 
enforced by the SEC are found, a legal action may be pursued, which may lead to 
imprisonment and fines. If such activities contravene other laws, the SEC will collaborate
with relevant authorities to take further action.

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The public and investors are strongly advised to be cautious about using services
of unlicensed operators of securities, derivatives and digital asset businesses,
including those from foreign countries, as they are not under the SEC’s supervision
and may pose a risk of scams. Concurrently, event organizers should exercise caution
when allowing unlicensed business operators to set up exhibition booths, as this
may inadvertently facilitate illegal activities.   

Jomkwan Kongsakul, SEC Deputy Secretary-General said: “This inspection conducted
with the CIB and the ECD was a result of our proactive collaboration to examine 
wrongful activities in the capital market and the digital asset market, aiming to
ensure effective, swift, and thorough law enforcement. This process also serves 
to prevent and mitigate potential harm to the public and investors.”

To verify the names of licensed business operators under the SEC’s supervision, 
please visit the SEC website at [www.sec.or.th](http://www.sec.or.th) or use SEC
Check First application. Furthermore, leads on suspicious activities in the capital
market can be notified to the SEC Complaint Center via Hotline 1207 or SEC Facebook
Page or SEC Live Chat on the SEC website.  

**Source** : [SEC and ECD inspect unlicensed business operators soliciting the public to use their services at a FinTech exhibition](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11098&rand=113627)