SEC files criminal complaint against unlicensed securities and derivatives businesses

According to Vasant Thienhom, SEC deputy decretary-general, Yuttana held himself out as money manager and managed money for others by seeking benefits from investment in derivatives. He advertised and solicited investing public to apply for a membership and raised fund from those who became members, claiming that the fund will be used to make investment in stock and derivatives exchanges. In addition, Yuttana held himself out as investment advisor, offered advice and obtained benefits from giving advice for investment in securities and derivatives. The said actions were done under the name ‘Nateethong’ through the web blog: URL http://nateethong.bloggang.com. 

Without a license, he violated the SEC Act BE 2535 and the Derivatives ACt BE 2546. He is subjected to an imprisonment from 2-5 years or a fine from Bt200,000-Bt500,000 baht or both and a further fine not exceeding Bt10,000 baht for every day during which the violation continues. He is also subjected to an imprisonment term up to three years or a fine not exceeding Bt300,000 baht or both and a further fine not exceeding Bt10,000 for every day during which the violation continues under Section 125 of the DA. 

"At this juncture, any person suffering damage from investment with the said person should contact the ECD Police at 0-2237-1199 for further legal proceedings,” Vasant said.

"The SEC urges everyone to be cautious and deal only with licensed business operators in order to avoid scams and rip-offs. List of licensees is available at the SEC website (www.sec.or.th) under “License Check” banner. In case of suspicious unlicensed activities, please report the SEC at 1207 for further investigation,” he added.