SEC Fines Three for Manipulating F&D Stock, Bans Trading
Thailand’s SEC has fined three individuals a total of 6.8 million baht for manipulating the stock of Food and Drinks PCL (F&D). The regulators also barred them from trading securities for 11 months and from holding director or executive positions for 22 months. The misconduct occurred between August 2022 and March 2023 through a deceased intermediary.
The SEC’s investigation revealed that from August 9, 2022 to March 8, 2023, the three individuals, linked personally to a now‑deceased intermediary, engaged in coordinated trading to manipulate F&D’s share price and volume. They placed buy and sell orders through the intermediary, supported each other’s trades, split orders, matched trades among themselves, and submitted pre‑close orders to push the closing price higher. As a result, the stock’s price and trading volume deviated from normal market conditions.
The violations were found to breach Sections 244/3(1) and (2) of the Securities and Exchange Act, together with Sections 244/5 and 244/6, which carry penalties under Sections 296, 296/1 and 296/2 of the Act, read with Section 83 of the Penal Code.
The SEC’s Civil Penalty Committee ordered the following sanctions: Sompong Srisupharwong must pay 803,314.66 baht, Pitchaya Krimwongrattana 1,057,387.16 baht, and Peerapol Prasertchaikul 4,940,324.66 baht. Each is prohibited from trading securities or futures contracts for 11 months and from serving as a director or executive of any listed company or securities firm for 22 months.
