The Securities and Exchange Commission (SEC) has revealed civil penalty proceedings against four individuals for jointly manipulating the price or trading volume of Thai Parcel Plc (TPL) shares. The SEC has ordered them to pay a total of 20,293,332 baht, along with trading bans and prohibitions on serving as directors or executives. The four offenders are Ms. Orn-orn Akkaraseranee, Mr. Phakawan Wong-ophasee, Ms. Arisara Singsom, and Ms. Kanchanarat Wongphan, who are connected. They jointly manipulated TPL share prices on the first day of trading, June 30, 2023, by placing high-priced and large-volume buy orders before the market opened, causing the opening price to be higher than the IPO price, and matched trades among themselves to attract other investors. This constituted the offense of jointly manipulating securities prices under Sections 244/3 and 244/5. The Civil Penalty Committee resolved to fine Ms. Orn-orn 18,535,833 baht, with a trading ban of 11 months and a ban on serving as a director for 22 months. Mr. Phakawan, Ms. Arisara, and Ms. Kanchanarat were each fined 585,833 baht, with trading and director bans for specified periods. If they do not consent, the SEC will file a lawsuit with the Civil Court.
Thai Parcels Public Company LimitedSEC penalizes individuals for manipulating TPL shares, imposing fines and bans, which negatively impacts the company's reputation and regulatory standing.
