Executive charged with share manipulation

Economy May 14, 2014 00:00

By The Nation

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The Securities and Exchange Commission on Monday filed a criminal complaint with the Department of Special Investigation against Angkakarn Tantiviroon, an executive of Rich Asia Steel, and others for alleged stock manipulation.

The others are Porntep Thawornwi-suthikul and Arada Lertpinyopap, former executives of United Securities, as well as Somdaj Leeswadtrakul, Suriya Lapvisuthisin and Sun Dongvanpakdee.

In a statement, the SEC said the investigation was kicked off by a tip to the Stock Exchange of Thailand. Rich’s stock price moved irregularly from May 10 to July 31, 2007, it said.

The SEC said its investigation found that Angkakarn, Porntep, Arada, Somdaj and Suriya had conspired to trade Rich’s shares through 15 related persons’ securities-trading accounts.

They allegedly traded the company’s shares on a continual basis and matched orders within the group to mislead the public by manipulating Rich’s share trading values and volumes, causing inconsistency with normal market conditions.

Sun and three other persons who entered the settlement procedure on January 22 this year allegedly aided or abetted those actions by allowing others to use their trading accounts.

The charges were filed as all declined to enter the settlement procedure or failed to pay fines as ordered by the commission’s Settlement Committee.

The SEC also noted that during the legal proceedings, Angkakarn was deemed as having untrustworthy characteristics of a director and executive of a publicly held company, while Porntep and Arada were deemed as having prohibited characteristics of capital-market personnel and untrustworthy characteristics of a director and executive of a publicly held company.

Porntep and Arada have already been named in criminal complaints for manipulating the stocks of three listed companies – Metro Star Property, Thai Unique Coil Center and SEC Auto Sales and Services.