SEC sanctions Khajonkiat Ung-aram for MBAX stock manipulation

MGR Online•Economy•8d ago

Reader Briefing

The SEC has imposed civil sanctions on Khajonkiat Ung-aram for manipulating the price and trading volume of Multibax Public Company Limited (MBAX) shares.

•Khajonkiat Ung-aram is required to pay a total of 11,563,136 Baht in civil penalties, disgorgement of benefits, and investigation expenses.
•The manipulation occurred between June 9 and August 23, 2022.
•The SEC received information regarding the case from the Stock Exchange of Thailand in January 2023.
•Sanctions include bans on securities trading for 6 months and serving as a director or executive for 12 months.

Overview

•The Securities and Exchange Commission (SEC) received data from the Stock Exchange of Thailand in January 2023.
•Between June 9 and August 23, 2022, Khajonkiat Ung-aram placed buy orders to push up the price and volume of MBAX shares by clearing the best offer prices.
•Khajonkiat Ung-aram placed buy orders at various price levels to mislead other investors into believing there was high demand for MBAX shares.
•When MBAX share prices decreased, Khajonkiat Ung-aram placed additional buy orders to prevent the price from falling further.
•The Civil Sanction Committee ruled that Khajonkiat Ung-aram must pay a total of 11,563,136 Baht.
•Khajonkiat Ung-aram is prohibited from trading securities or derivatives contracts for 6 months.
•Khajonkiat Ung-aram is prohibited from serving as a director or executive of a securities-issuing company or securities company for 12 months.
•If Khajonkiat Ung-aram does not consent to the sanctions, the SEC will request the public prosecutor to file a lawsuit in Civil Court.

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Key Entities

Organization

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

The regulatory body that imposed civil sanctions for stock manipulation.

Multibax Public Company Limited(บริษัท มัลติแบกซ์ จำกัด (มหาชน))

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

Stock Exchange of Thailand(ตลาดหลักทรัพย์แห่งประเทศไทย)ℹ️

The organization that provided information to the SEC in January 2023.

Civil Sanction Committee(คณะกรรมการพิจารณามาตรการลงโทษทางแพ่ง)

The committee that resolved to apply civil sanctions against Khajonkiat Ung-aram.

Ministry of Finance(กระทรวงการคลัง)ℹ️

The entity to which the civil penalties and disgorged benefits are submitted as state revenue.

Person

Khajonkiat Ung-aram(ขจรเกียรติ อึ้งอร่าม)

The individual sanctioned for manipulating the price and volume of MBAX shares.

Law

Securities and Exchange Act 1992(พระราชบัญญัติหลักทรัพย์และตลาดหลักทรัพย์ พ.ศ. 2535)

The law under which the manipulation of securities is a punishable offense.