SEC bans 8 individuals for SIMAT-W3 and TNDT stock manipulation

Khaosod•Economy•1d ago

Reader Briefing

The SEC has imposed civil penalties and trading bans on eight individuals for manipulating the price and volume of SIMAT-W3 and TNDT securities between May and August 2021.

•The SEC found eight financially and personally related individuals manipulated SIMAT-W3 and TNDT securities.
•The manipulation occurred in four distinct periods between May 31, 2021, and August 9, 2021.
•Penalties include civil fines, repayment of benefits, and bans from trading and serving as executives.
•The misconduct involved coordinated trading to deceive general investors about market demand.

Overview

•The Securities and Exchange Commission (SEC) received data from the Stock Exchange of Thailand regarding stock manipulation.
•Eight individuals coordinated trading activities for SIMAT-W 3 and TNDT shares from May to August 2021 to artificially inflate prices and volume.
•The individuals used tactics such as matching trades, blocking other buy orders, and splitting orders into small lots to deceive investors.
•The manipulation of SIMAT-W 3 occurred during two periods: May 31, 2021 – June 7, 2021, and June 15, 2021 – June 28, 2021.
•The manipulation of TNDT shares occurred during two periods: June 2, 2021 – June 10, 2021, and June 23, 2021 – August 9, 2021.
•The Civil Penalty Committee imposed fines and trading bans on the eight individuals, with the highest fine given to Raphatphorn Trongwongsa at 14,243,708.18 Baht.
•Trading bans range from 42 to 84 months, while executive bans range from 84 to 168 months depending on the individual.
•If the individuals do not consent to the civil penalties, the SEC will request public prosecutors to file a lawsuit in Civil Court.

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Key Entities

Organization

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

The regulatory body that investigated and penalized eight individuals for stock manipulation.

Stock Exchange of Thailand(ตลาดหลักทรัพย์แห่งประเทศไทย)ℹ️

The organization that provided information to the SEC regarding the stock manipulation.

Civil Penalty Committee(คณะกรรมการพิจารณามาตรการลงโทษทางแพ่ง)

The committee that resolved to apply civil penalties to the eight offenders.

Market for Alternative Investment (mai)(ตลาดหลักทรัพย์ เอ็ม เอ ไอ)

The stock market where the buy orders were placed before the market closed.