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SEC files civil lawsuit against 12 offenders for manipulating ECF shares, seeking fines and trading bans.
The Securities and Exchange Commission has asked public prosecutors to file a civil lawsuit against 12 offenders in a case involving the creation of price or volume for shares of East Coast Furnitech, or ECF. The SEC is seeking a total payment of 269,950,759.08 baht plus interest, and has asked the court to impose the maximum civil sanctions under the law, including bans on trading securities and derivatives, and bans on serving as a director or executive of a securities-issuing company or a securities firm. Earlier, the Civil Sanction Committee resolved to impose civil sanctions on a total of 17 offenders, ordering fines and disgorgement totaling 264,695,855 baht, securities trading bans of 11 to 45 months, and director or executive bans of 22 to 90 months. Of these, five individuals agreed to comply, while the remaining 12 did not, prompting the SEC to refer the matter to prosecutors for a civil court lawsuit to enforce the maximum measures. In addition, the SEC has referred the matter to the Anti-Money Laundering Office to take action within its authority, as the offense constitutes a predicate crime under anti-money laundering law.
SEC files civil lawsuit against 12 offenders for manipulating ECF shares, seeking fines and trading bans.