Four individuals fined by SEC for manipulating TRITN share price

Today, the Securities and Exchange Commission (SEC) announced the imposition of civil penalties on four individuals involved in manipulative activities related to Triton Holding Public Company Limited (TRITN). The individuals named as Mr. Pasu Wachirapong, Mr. Vichan Wachirapong, Mr. Akarat Vanarat, and Mr. Natthawat Piboonthanaamorn were found to have engaged in activities aimed at altering the price of TRITN shares. As a result of their actions, the SEC has levied sanctions against them totaling 34.4 million baht. Additionally, the offenders will face restrictions on their trading activities and executive roles within the securities market.

The investigation into the activities of these individuals was initiated following a referral from the Stock Exchange of Thailand (SET) in 2023. Through a comprehensive investigation, it was discovered that between September 2 and September 9, 2022, the four individuals engaged in collusive behavior to influence the price and trading volume of TRITN shares. Pasu, Vichan, and Akarat were found to have coordinated their activities, placing buy and sell orders with the intention of manipulating market conditions. Natthawat was found to have facilitated these actions.

These activities were deemed to be in violation of relevant securities laws, including Section 244/3(1)(2) and Section 244/5 or Section 244/6 of the Securities and Exchange Act B.E. 2535 (1992). The penalties for such offenses are outlined in Section 296, Section 296/1, and Section 296/2 of the Act, in addition to Section 83 of the Criminal Code. Natthawat’s actions, in particular, were found to be in violation of Section 244/3(1)(2) in conjunction with Section 315 of the Act.

Based on these findings, the Civil Sanction Committee (CSC) has decided to impose civil penalties on the four offenders. These penalties include monetary fines, compensations equal to the benefit received or would have been received, reimbursement of investigative expenses, and restrictions on trading and executive roles within the securities market. Each individual faces a unique set of penalties based on their level of involvement in the manipulative activities.

Pasu has been ordered to pay a civil monetary penalty, compensation, and investigative expenses totaling 32,761,239 baht. He is also prohibited from trading securities or derivatives for 14 months and from holding director or executive positions for 28 months. Vichan, on the other hand, has been fined and reimbursed a total of 539,304 baht and faces trading and executive restrictions for 11 and 22 months, respectively.

These actions send a clear message that the SEC will not tolerate market manipulation and will take decisive action against individuals found to be engaging in such activities. The penalties imposed on these four individuals serve as a reminder of the importance of upholding the integrity and transparency of the securities market, and the consequences of engaging in fraudulent and manipulative behavior.