Civil Court finds 42 guilty in MORE share case; IP evidence cited
Civil Court ruled 42 suspects in the MORE case acted as a syndicate, citing shared IP addresses and ATO orders worth ฿4.5bn that went unpaid
- The Civil Court ruled that 42 suspects in the MORE case acted together in offences characterised as fraud, participation in an unlawful association (“Ang Yee”), and operating as a criminal gang/den (“Gang Robbery”).
- The group was found to have jointly manipulated the share price by creating abnormal trading conditions—placing At-the-Open (ATO) buy orders worth more than 4.5 billion baht in a single day and then intentionally failing to settle, in order to deceive the capital market.
- A key piece of evidence cited by the court was the finding that trading orders were submitted from the same IP address, indicating the orders originated from the same computer or location and were coordinated.
- The scheme was described as complex and planned, involving automated trading technology (BOT), nominee/cover accounts including NVDR, and order distribution across more than 10 brokerage firms to conceal identities and evade scrutiny.
Civil Court has issued a ruling in the MORE share-trading case, finding that 42 suspects acted together in a coordinated scheme that distorted the market.
A landmark securities-trading case involving More Return Plc (MORE) has again shaken confidence in Thailand’s capital market after the Civil Court issued a ruling revealing detailed findings about a systematically planned and complex fraud operation, relying on automated trading tools, cover accounts and the simultaneous routing of orders through multiple securities firms.
Investigations by the Department of Special Investigation (DSI) and the Anti-Money Laundering Office (AMLO) found that the group of 42 suspects—accused of acting together in conduct characterised as fraud, unlawful association (“Ang Yee”) and operating as a criminal gang/den (“Gang Robbery”)—created a false picture of MORE trading that deviated from normal market conditions. A key incident cited was on November 10, 2022, when ATO buy orders worth more than 4.5 billion baht were placed at the open, before the main buyer deliberately failed to pay. Under stock exchange rules, brokers acting as intermediaries had to bear the loss by paying the clearing house.
The case not only reflects share-price manipulation and organised fraud, but also highlights vulnerabilities involving proxy accounts, concealment via NVDR, and technology and financial links that the court found to fall within offences under laws on fraud and money laundering. It is being framed as a key lesson for Thailand’s capital market to strengthen supervision and monitoring in the future.
The Civil Court’s ruling—Office of the Judiciary, black case no. F11/2566, red case no. F121/2568, spanning 1,156 pages—sets out the complex plan and legal action against all 42 suspects accused of acting together in fraud, unlawful association (“Ang Yee”) and operating as a criminal gang/den (“Gang Robbery”).
“Account” group line and concealed transactions
DSI and AMLO investigations found that the first objector (Mr Apimuk) and others planned to create abnormal trading conditions in MORE shares. The group coordinated via a Line chat group named “Account”, which directed participants to place buy and sell orders using BOT software on the day of the incident.
Investigators also found signs of proxy trading. Account holders were said to provide usernames and passwords to designated agents who placed orders on their behalf, in exchange for profit-sharing on a 70/30 split.
The key event: ATO orders worth over ฿4.4bn at the open
The pivotal event occurred on November 10, 2022, when ATO orders were placed at 2.90 baht per share, totalling 1,531,770,700 shares, equivalent to about 4.442 billion baht in opening-session turnover—more than 10 times the average daily turnover over the preceding 30 days.
The group also selected the NVDR channel (MORE-R) to avoid disclosure of shareholding proportions and reporting obligations. Investigators said a single buyer split orders across more than 10 brokers at the same time.
Massive damage and asset freezes
The damage in the case was estimated at about 4.5 billion baht, after the trades were matched and the first objector failed to pay for the shares on time, leaving brokers to pay the Thailand Clearing House under Stock Exchange of Thailand rules.
AMLO froze assets linked to the alleged wrongdoing—36 items worth about 5,336,182,981 baht plus proceeds—to prevent transfers.
Court’s assessment: shared IP address and money trails
Although some objectors argued they worked honestly and had no involvement with Mr Apimuk, the court found unusual links in the evidence, including orders submitted using the same IP address—indicating a single computer or location—and money trails including a transfer of 500 million baht between objectors.
The court ruled the conduct amounted to using deception to mislead brokers into extending high credit lines, while concealing the fact that the buyer had no intention to pay from the outset. The officials’ actions to freeze assets were therefore deemed lawful under the Anti-Money Laundering Act.
The case remains a major lesson for Thailand’s capital market in monitoring organised share manipulation and fraud schemes that use technology and identity concealment across multiple brokerage firms simultaneously.
