Investor Prasong fined for share manipulation

 

 

In its statement, the Securities and Exchange Commission said that the share manipulation occured during July 20, 2009 and April 7, 2010. 

On a tip from the Stock Exchange of Thailand, the SEC launched an investigation and found that Prasong allowed or acknowledged transaction orders between his 14 trading accounts opened at UOB Kay Hian Private Ltd in Singapore and EFG Private Bank in Singapore. Such transactions, covering 210,000 shares to 14.78 million shares daily, boosted UNIQ share price from Bt2.24 on July 17, 2009 to Bt8.79 on Nov 6, 2009.  

"Such action misled the public of huge and consistent transaction orders for UNIQ shares, leading to irregular share price movement," the SEC said. 

The investigation won supports from the Monetary Authority of Singapore and teh Securities and Futures Commission, Hong Kong.