The SEC announced civil penalty proceedings against three wrongdoers for jointly creating price or trading volume in the shares of Food and Drinks Public Company Limited, or F&D, ordering them to pay a total of 6,801,026.48 baht under civil sanctions, along with prohibitions on trading securities or derivatives and on serving as directors or executives. The three wrongdoers are Mrs. Sompong Srisuphornwong, Miss Peechaya Krimwongrat, and Mr. Peerapon Prasertchaikul, who had personal connections to an intermediary who has since died. They jointly created the price or trading volume of F&D shares between 9 August 2022 and 8 March 2023 by placing buy and sell orders in a manner that was coordinated and mutually supportive, including pushing prices higher, dominating bid or offer orders, splitting buy and sell orders, matching trades with each other, and placing buy orders before the close so that closing prices rose, causing the price and trading volume of F&D shares to deviate from normal market conditions. The Civil Penalty Consideration Committee resolved to apply civil penalties, with Mrs. Sompong required to pay a total of 803,314.66 baht, Miss Peechaya required to pay 1,057,387.16 baht, and Mr. Peerapon required to pay 4,940,324.66 baht. All three are banned from trading securities or derivatives for 11 months and from serving as directors or executives of securities-issuing companies or securities companies for 22 months. If the wrongdoers do not consent, the SEC will ask public prosecutors to file a case with the Civil Court to impose civil penalties at the maximum rate prescribed by law, but not lower than the rate set by the Civil Penalty Consideration Committee. The civil fines and disgorgement of benefits from the wrongdoing are state revenue remitted to the Ministry of Finance.
Food and Drinks Public Company LimitedSEC imposed civil penalties on three individuals for manipulating F&D shares, a regulatory enforcement action tied to the company's stock.
