Police Question Man Behind FALSE TRUE Stock Claim
Police questioned a man whose name appeared in stock filings claiming a 7 billion-baht stake in TRUE Corporation, but he denies the holding, saying he mistakenly submitted mutual fund data when filling out SEC forms.
Police have questioned Supapon Pimpongse, whose name appeared in stock filings showing a 7.0992% stake in TRUE Corporation valued at over 30 billion baht, causing turmoil in the stock market. Supapon denies holding the massive TRUE stake, claiming the situation resulted from misunderstanding and insufficient knowledge. He acknowledged purchasing a mutual fund approximately 10 years prior. The appearance of Supapon's name sparked investor suspicion since he had never been known in investment circles before. TRUE Corporation subsequently clarified that the transaction "did not actually occur" and that report data may be inaccurate. The Securities and Exchange Commission (SEC) investigated and confirmed that information Supapon submitted "did not align with facts" and found several irregularities. In the latest development on July 11, 2026, police from the Economic Crime Division revealed they questioned Supapon and an SEC representative to verify facts about the case, concluding it likely resulted from misunderstanding or incomplete knowledge when filling out Form 246-2. Supapon admitted he lacks knowledge about stock market investing. Approximately 10 years ago, he purchased a mutual fund through a bank without knowing what it involved. Recently wanting to know his fund holdings and what they were for dividend tracking purposes, he submitted a Form 246-2 to the SEC. However, lacking understanding of the submission process and due to insufficient knowledge, he entered all data found on the Thai NVDR website into the Form 246-2, inadvertently creating the reported information. Supapon confirmed he never purchased or held substantial TRUE shares as reported.
