The Securities and Exchange Commission (SEC) has imposed civil penalties on eight individuals for jointly creating price or trading volume in the warrants to purchase ordinary shares of Simat Technologies Public Company Limited, or SIMAT-W3, and shares of Thai NDT Public Company Limited, or TNDT. The total amount ordered under the civil penalty measures is 39,340,932.73 baht, along with prohibitions on trading securities and derivatives and on serving as a director or executive of a securities issuer or securities company. The eight individuals are Mr. Khajornkiat Ungaram, Ms. Rapatporn Trongwongsa, Mr. Kraiwit Tangsanga, Ms. Wariya Khemthongpradit, Mr. Thanapon Khemthongpradit, Mr. Sittapavee Chawarangkoon, Mr. Naruesorn Weerachartwattana, and Ms. Kannika Jarupan, who are linked both financially and personally. The SEC's investigation, following information from the Stock Exchange of Thailand, found continuous coordinated and mutually supportive trading orders across four periods between May and August 2021. The first period, from May 31 to June 7, 2021, involved seven offenders, while the second period, from June 15 to June 28, 2021, along with the third period, from June 2 to June 10, 2021, and the fourth period, from June 23 to August 9, 2021, involved all eight. The actions constitute the offense of securities price manipulation under Section 244/3(1)(2) in conjunction with Section 244/5 of the Securities and Exchange Act B.E. 2535, together with Section 83 of the Criminal Code. The Civil Penalty Consideration Committee resolved to impose civil fines, disgorgement of benefits received or that should have been received, and reimbursement of the SEC's expenses. Of the total, Ms. Rapatporn must pay the most at 14,243,708.18 baht, followed by Mr. Kraiwit at 10,276,246.47 baht and Mr. Khajornkiat at 3,999,535.18 baht, while the remaining five each pay just over 2.1 to 2.2 million baht. The trading prohibitions on securities or derivatives range from 42 to 84 months, and the bans on serving as a director or executive range from 84 to 168 months. If the offenders do not consent, the SEC will ask prosecutors to file a case with the Civil Court to impose civil penalties at the maximum rate prescribed by law. The fines and disgorgement payments are state revenue remitted to the Ministry of Finance.
Simat Technologies Public Company LimitedThai SEC imposed civil penalties on eight individuals for manipulating SIMAT-W3 warrants, a regulatory enforcement action tied to the company's securities.
