SEC revokes status of investment consultant

After client complaints, the SEC upon investigation found that Sirirat had agreed to buy securities for a friend, who was in the process of opening a securities-trading account, through assistance of one of her clients. 

After the trading account was opened, her friend asked for the transfer of the securities to the account, but found out that they had all been transferred and sold by the client. Sirirat then asked two other friends, who were clients of other securities companies, to buy securities and then transfer them to the aforesaid friend’s account.

In addition, Sirirat instructed an investment-consultant colleague in charge of a client’s securities trading account to make trading decisions for the client. Examination of communications records found that there were no sources of the orders, just transaction confirmations made by the investment consultant in question, and conversations illustrating that the trading decision was made before the client’s acknowledgement. The client then acknowledged the transactions without any objection and made payment completely.  

Sirirat’s actions were deemed to be using a client’s securities trading account to trade securities for others and accepting authorisation to make securities trading decisions on behalf of a client, in violation of Clause 20 (1) and (2) of the Notification of Capital Market Supervisory Board No TorLorThor 3/2555 Re: Approval for Personnel of Business Operators to Perform Duties of Analysing Investment and Giving Investment Advice, dated January 18, 2012. 

The SEC therefore revoked her status as an approved capital-market investment consultant and banned her re-entry as capital-market personnel for one year and three months. 

However, taking into account that she has already been suspended by Finansia Syrus Securities for six months, the banning of her application is thus the remaining nine months, starting yesterday.