Apple Wealth CEO challenges SEC suspension
PRASIT SRISUWAN, chief executive officer of Apple Wealth Securities, yesterday pleaded for fairness after the securities watchdog on Tuesday slapped a two-year suspension on him as a qualified person in the capital market.
His suspension began yesterday.
Prasit arranged an urgent press conference to respond to the move, saying he would file a petition against the Securities and Exchange Commission and was ready to appeal to the highest court for justice.
According to the SEC’s release circulated on Tuesday, the regulator found after a routine examination that Prasit had failed to supervise his company’s working system for customers according to the “know your customer”, “customer due diligence” and “suspicious transaction reporting” requirements.
The SEC said it would submit this case to its Settlement Committee for further consideration.
Apple Wealth Securities’ working system for customers was also inefficient in letting the company know who were the real customers or real beneficiaries of the customers, the SEC said.
The company might be at risk of becoming an accomplice if the customers did anything illegal.
The SEC said Prasit failed to supervise by approving a number of new stock accounts and increasing the credit line for stock trading for many customers even though some of them had submitted incomplete documents, significantly understating the size of their transactions.
As chairman of Apple Wealth Securities’ anti-laundering committee, Prasit took no further action when he found the unusual transactions, the SEC said.
However, Prasit insisted that his management actions were supervised by a system and complied with standards and good corporate governance.
He has been gathering evidence and other documents in preparation for the planned petition under the Administrative Procedure Act of 1996.
He said he would call for justice and protection of his dignity, as he had always worked with integrity and good corporate governance.
Apple Wealth Securities is run according to the standards required by the regulators and the Association of Thai Securities Companies, and driven by specific policies, not an individual, he said.
“Throughout the 15 years I’ve worked in the securities industry, I have never caused any damage to a customer. And when there were suggestions from the SEC, on all issues, I’ve proceeded with them instantly,” |he said.
Regarding his alleged negligence in overseeing the “know your customer” system and approval of improper credit lines, Prasit expressed confidence that he had worked according to the system and regulations required by the company, and based on the regulators and the association.
“On some matters, I’ve worked above the association’s standards. My work has not brought damage to the company and customers.
“I’ve moved up as I’ve used integrity to lead me in the securities industry.
“In the securities industry, integrity can make money. Money alone cannot make money. This is what I’ve always done,” he said.
