Bangkok--11 Sep--SEC
The SEC filed a criminal complaint with the Economic Crime Division of the Royal Thai Police (ECD Police) against GISP Ltd. (GISP),Mr. Supawit Sootisong, and Navista Global Markets Ltd. (Navista) for operating derivatives business without license.
Following the reports on their suspicious unlicensed derivatives activities, the SEC conducted raids on GISP’s office located at 240/31 Ratchadapisek Rd., Huaykwang, Bangkok as well as Navista’s site. The evidence indicated that both companies, by representing themselves to the general public as gold futures trading agents, have contacted and solicited the public as well as disseminated related investment documents and information through various channels including website www.famarkets.com andwww.ngm-trading.com, respectively, to lure the investing public into their businesses.
The aforesaid acts are deemed undertaking derivatives business without license in contravention of Section 16 of the Derivatives Act B.E. 2546 (2003). The SEC therefore filed a criminal complaint with the ECD Police against GISP and its director Supawit Sootisong as well as Navista for further legal proceedings. For injured persons from their investment scams, please contact the ECD Police at 0-2237-1199.
Mr. Vasant Thienhom, SEC Deputy Secretary-General stated that “The SEC strongly advises investing public who are interested in derivatives investment to deal with legitimate business operators only to ensure proper legal protection. To protect yourself, please check list of licensees at the SEC’s website (www.sec.or.th) while list of companies you should not deal with can be viewed under “Investor Alert List” banner. In this regard, we also welcome assistance and report from the investing public, so please do not hesitate to contact our SEC Help Center at Tel: 02-263-6000 or complain@sec.or.th if you have been contacted or solicited by any suspicious scams or unlicensed activities to help us pursue further investigation and stamp out this kind of wrongdoing.”