SEC Files Civil Case Against Five For VL Stock Manipulation
The SEC is pursuing civil lawsuits against five individuals who refused to accept penalties for manipulating V.L. Enterprise stock prices, seeking combined compensation of over 5 million baht plus maximum trading bans.
The Securities and Exchange Commission (SEC) has asked prosecutors to file a civil lawsuit against five individuals accused of manipulating the price and trading volume of V.L. Enterprise Public Company Limited (VL) shares to seek maximum penalties under the law.
The SEC's Civil Penalty Committee imposed penalties against a total of nine offenders in the VL stock manipulation case, requiring combined payments of 10,854,500 baht as civil penalties, compensation for unjust gains, and reimbursement of SEC investigation costs. The committee also banned offenders from securities trading for 17 to 22.5 months and from serving as directors or executives for 34 to 45 months, depending on the case.
Four cases were settled at the SEC level. However, five other offenders—Supassit Pokindjarutasmi, Pornanee Megdamrongsaeng, Buaran Rungruengnaowrattana, Natthapaphat Kerchaimongkol, and Pichetsaad Phumsatriphirun—refused to accept the SEC's civil penalties. Therefore, the SEC has requested prosecutors to file civil lawsuits against these five individuals seeking total compensation of 5,079,141.55 baht plus interest, along with maximum trading bans and prohibitions on serving as company directors or executives under the law.
The SEC has also referred the case to the Anti-Money Laundering Office (AMLO) for action, as the unlawful securities trading conduct constitutes a predicate offense under Thailand's Anti-Money Laundering Act of 1999.
