Beware of 'sweet' futures deals: SEC

SEC deputy secretary-general Prasong Vinaiphat, left, takes part at a recent press conference.

Yesterday the SEC pressed criminal charges against THK Trading, its owners and executives for allegedly running an illegal futures trading business and causing losses totalling Bt30 million to a number of individual investors.

The SEC reported the case to the National Police's Economic and Technology Crimes Suppression Division following complaints from investors who lost money on crude oil futures recommended by the company.

The securities watchdog said in a statement it had recently raided THK, formerly known as Thai Pattana Pokphand, and found that between last September and February, the company presented itself as an oil futures broker and persuaded several individuals to buy futures contracts.

Several individuals transferred money to the company, but it had not invested the money as promised.

The SEC said that such an operation is illegal under Article 16 of the Futures Act and the fraud violated Article 343 of the Criminal Code.

Ten people, including THK Trading's marketing chief, were charged by the SEC.

Prasong Vinaiphat, deputy secretary-general of the SEC, recently held a meeting with concerned government agencies as well as private firms.

The meeting set integrated goals to prevent and assist consumers from being cheated by con artists.

Prasong said 54 consumers had complained to the SEC about investments totalling more than Bt100 million.

The SEC recommends that individuals interested in the futures market should check the list of authorised brokers at www.sec.or.th or www.atfc.or.th. Complaints should be sent to complain@sec.or.th or enforcement@atfc.co.th