The Securities and Exchange Commission (SEC) has filed a complaint with the Economic Crime Suppression Division (ECD) and the Anti-Money Laundering Office (Amlo) against 32 individuals for their involvement in the 800-million-baht share manipulation of More Return Plc (MORE).
The regulator investigated the share manipulation of MORE stocks and found evidence that a group of 32 individuals collectively committed this offence between July 18 and Nov 10, 2022.
The accused individuals are connected to each other in terms of personal relationships; money; securities trading, including channels and places to send trading orders; shared duties; or agreements to send orders in a way that misled the public about the price or volume of buying or selling of MORE shares, said the SEC statement.
All of the accused sent trading orders in a continuous manner with the intent to cause the price or trading volume of MORE securities to deviate from normal market conditions, which is a violation of Section 244/3 (1) and (2), Section 244/5 and Section 244/6 of the Securities Exchange Act, said the regulator.
"They received approximately 800 million baht from such actions. The SEC filed complaints against the 32 individuals to the ECD Police for legal proceedings," noted the statement.
The SEC also reported the probe to the Amlo for further consideration because such offences are unfair actions relating to the trade of securities and futures contracts.
The actions constitute a predicate offence under the Anti-Money Laundering Act of 1999, said the regulator.
"The SEC's accusation is just the beginning of the criminal law enforcement process. A determination of legal charges is the authority of the police and the prosecutor's office, as well as the discretion of the court," said the statement.
Those charged by the SEC include Apimuk Bamrungwong, a former major shareholder of MORE, three members of the Phornprapha family -- Akapat, Atipat and Orapin -- as well as Tong Hua Capital and Tong Hua Media Lab.
The others are Itthiwat Wannaiampikul, Somnuk Kyavatanakul, Sophon Waraporn, Vasant Chawla, Shubhodeep Prasantadas, Prayoon Asakarn, Jirawan Chaipongpati, Susiri Predasuttichit, Puntharee Israngkul Na Ayudthaya, Ailada Chinnavat, Ummarit Klomchitcharoen, Munkong Sathienthirakul, Onkao Kaiyasit, Kriangsak Wongosotphanich, Siriwat Somnasri, Theeraphong Daneanichwong, Pudit Sucharitkul, Watcharin Yunghaipon, Witsarut Chiamchitphonchai, Poranat Nuchachartpong, Thanayut Rukraksa, Thamanoon Vechvittayakhlung, Patara Chatcharoensuk, Chayapol Panpae, Pichet Pholsuwanchai and Sasinapa Waraporn.
In this case, the SEC received information from the Stock Exchange of Thailand and investigated in coordination with the Central Investigation Bureau. The investigation enhances the efficiency of regulation in the capital market, said the SEC.
