SECC chairman faces fraud charges

Nipaporn Khomkla, the company's executive vice president for accounting and finance, as well as Krit Ekmongkolkarn of Apple Group Co Ltd and QR Auto Car Co Ltd were named as the accomplices.

"The SECC case has sent significant impacts on investors and the company's clients. The SEC's initial investigation has found that five individual and companies have involved in the case and the investigation showed that they could have committed other crimes. We're in the process of accumulating more evidene," said Securities and Exchange Commission Secretary General Thirchai Phuvanatnaranubala.

The investigation would be also extended to prove SECC shareholders' claims that they have not yet received payments for the sale of shares to securities companies. The companies' marketing officers could have failed to follow the regulations, Thirachai noted.