# SEC files criminal complaints against nine for manipulating COMAN shares

- Link: https://www.thailand-business-news.com/markets/275068-sec-files-criminal-complaints-against-nine-for-manipulating-coman-shares
- Published: 2025-12-31T15:52:05+07:00
- Author: SiamNews PR

**The SEC has filed criminal complaints against nine individuals for manipulating
Comanche International (COMAN) stock prices. Their activities misled the public,
violating securities laws. Legal proceedings will follow.**

---

Bangkok, 29 December 2025 – The Securities and Exchange Commission (SEC) has filed
criminal complaints with the Economic Crime Suppression Division (ECD) against nine
individuals for manipulating the price or trading volumes of Comanche International
Public Company Limited (COMAN). **The SEC has also reported the proceedings in this
case to the Anti-Money Laundering Office (AMLO). **

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According to the referrals from the Stock Exchange of Thailand (SET) in February
and October in 2023 and the **SEC’s further investigation, evidence indicates reasonable
grounds to believe that nine individuals who had personal and financial relationships
and securities trading activities within the group, **colluded to manipulate the
price and/or trading volumes of COMAN stocks during 23 – 24 November 2022 (totaling
two business days), during 13 December 2022 – 27 January 2023 (totaling 33 business
days), and during 28 June – 13 July 2023 (totaling 12 business days).

Their activities included **submitting buy orders in a manner that pushes prices
higher, maintaining buy orders (bids) at multiple price levels to obstruct trading
by other investors and forcing them to buy at higher prices, **matching trading 
by sending buy or sell orders for securities at similar prices, volumes, and times,
controlling opening and closing prices by sending buy or sell orders during the 
pre-opening and pre-closing periods in a manner that pushes the projected opening
or closing price to increase. Consequently, their actions misled the public regarding
the price or trading volumes of COMAN stocks and demonstrated the intention to make
the price or trading volumes of the stock deviate from normal market conditions.
Such activities were in violation of Section 244/3 (1) and (2), the presumption 
under Section 244/5 and Section 244/6 of the Securities and Exchange Act B.E. 2535(
1992) (“SEA”), in conjunction with Section 83 of the Criminal Code, as the case 
may be, and subject to the penalties under Section 296, Section 296/1 and Section
296/2 of the SEA. 

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The nine offenders above are (1) Mr. Nitis Sillamat, (2) Miss Phatchanok Thanarutairoj,(
3) Mr. Passakorn Sillamat, (4) Miss Chayada Sukkasi, (5) Mrs. Supa Wonganu, (6) 
Mr. Wasawat Prasertsin, (7) Mr. Giadtisak Jaroensuk, (8) Mr. Panpong Kidrakmuang,
and (9) Mr. Winai Vangpeng.   

The SEC has therefore filed the criminal complaints against the nine offenders with
the ECD for consideration of further legal action. Concurrently, the SEC has also
reported these legal proceedings above to the AMLO for consideration of further 
action because such offenses are unfair activities related to securities trading,
which constitute a predicate offense under the Law on Anti-Money Laundering.    

Following the criminal complaint filed by the SEC, the criminal enforcement process
will proceed with an investigation by the inquiry official, a prosecution of the
public prosecutor, and an adjudication of the court of justice, respectively. In
this regard, the SEC will monitor progresses in the legal proceedings and will cooperate
fully with relevant agencies to support legal enforcement under the SEA after the
criminal complaint has been filed.  

**Source** : [SEC files criminal complaints with ECD against nine individuals for manipulating COMAN share price or trading volumes](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12390&rand=113627)