SEC fines 18 individuals 172M baht for META stock manipulation

MGR Online•Economy•9d ago

Reader Briefing

The Securities and Exchange Commission (SEC) has imposed civil sanctions on 18 individuals for manipulating the price and trading volume of Meta Corporation Public Company Limited (META) shares between 2018 and 2020.

•18 individuals were found to have collaborated in manipulating META stock prices and volumes from 2018 to 2020.
•The SEC ordered a total payment of 172,565,769 baht in civil penalties, restitution, and investigation expenses.
•Sanctions include bans on securities trading for 11–51 months and bans on serving as directors or executives for 22–102 months.
•Manipulation methods included coordinated orders, pushing prices up before market close, and large Big Lot trades among the group.

Overview

•The Securities and Exchange Commission (SEC) received information from the Stock Exchange of Thailand regarding META stock activity between 2018 and 2020.
•The 18 individuals were linked through personal relationships, trading accounts, order behaviors, and money trails.
•The 18 individuals coordinated buying and selling orders in terms of volume, price, and timing to manipulate META stock.
•The group used Big Lot trades among themselves and placed large orders at various price levels to push the closing price higher.
•These behaviors potentially misled general investors regarding the actual price and trading volume of META shares.
•The manipulation occurred in three periods: February 26–June 29, 2018 (12 people); July 2, 2018–June 28, 2019 (13 people); and July 1, 2019–February 3, 2020 (14 people).
•Natpapat Keschaimongkol was ordered to pay the highest amount at 39.05 million baht.
•Narut Wiwattanakrai received the maximum bans of 51 months for trading and 102 months for serving as a director or executive.

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Key Entities

Organization

Securities and Exchange Commission(ก.ล.ต.)ℹ️

The regulatory body that imposed civil sanctions on 18 individuals for stock manipulation.

Meta Corporation Public Company Limited(บริษัท เมตะ คอร์ปอเรชั่น จำกัด (มหาชน))

The company whose shares (META) were subject to price and volume manipulation.

Stock Exchange of Thailand(ตลาดหลักทรัพย์แห่งประเทศไทย)ℹ️

The organization that provided information to the SEC regarding stock activity between 2018 and 2020.