Thai SEC Revokes Approval Of Two Securities Investment Consultants
Following the report from Tisco Asset Management Co., Ltd., the SEC probed into the case and found that Thanjira submitted the documents of buying/selling orders, switching and transferring investment units and signed two clients’ names.
In case of the first client, Thanjira signed the client’s signature to request a change of the client’s contact information to her own address and to submit capital reduction order for the client’s private fund. With the capital reduction payment, Thanjira bought investment units for the second client and Surasak. Moreover, she submitted a selling order for the first client’s investment units and deposited money obtained from the selling into a saving account she opened at Tisco Bank Plc., using the client’s signature that she had signed. She then bought a cashier check using the money in the said saving account to buy investment units for Surasak. Thanjira, in addition, took the client’s voucher sent from Tisco Asset Management Co.,Ltd to the address changed by her request.
In case of the second client, Thanjira had signed the client’s name for submission of investment unit switching and buying orders and changed the address for sending documents to her own address to conceal high volumes of investment unit switching and buying without the client’s orders.
In case of Surasak, the SEC obtained a report indicating that Surasak was the one who forged the client’s signature in the investment unit buying order for himself, using money that Thanjira had taken from the client’s private fund and investment unit accounts. The signature verification showed the match with Surasak’s signature in the opening account request form and letter of explanation. Furthermore, it was found that the addresses used by Surasak and Thanjira are the same and he jointly with Thanjira repaid debt to Tisco Asset Management Co.,Ltd. From the said facts, Surasak was considered as jointly with Thanjira engaging in dishonest conducts.
The aforesaid actions were in violation of Clause 23(1) and (2) of No. TorLorThor. 8/2557 dated June 3, 2014. The violation of Clause 23(1) and (2) in conjunction with participating in dishonest conducts were prohibited characteristics of personnel in the capital market business under Clause 31(1) of No. TorLorThor. 8/2557. The SEC, therefore, revoked the approval from their duties as securities investment consultants and will not consider their applications for approval as capital market personnel for the period of ten years. For Thanjira, the revocation will be effective from October 7, 2014 while Surasak’s revocation will be effective from October 2, 2014.