กรุงเทพฯ--14 ธ.ค.--SEC
The SEC suspended Theera Chaowanapreechasilp, then derivatives investment consultant of MTS Gold Futures Co., Ltd. for six months, effective from December 12, 2012; and also reprimanded Nongan Saetung for his inappropriate acts.
The Theera Chaowanapreechasilp case was reported by MTS Gold Futures Co., Ltd. that he had been authorized by his client to make derivatives trading decisions on the client’s behalf with internet trading username and password for trading from September 13, 2011 until the end of December 2011, causing losses in the client’s account of approximately 600,000 — 700,000 baht. Since then, his client told him to stop trading, but he traded again on January 5-6, 2012. Theera admitted he had traded derivatives for his client during aforementioned period and also made trading decisions during January 5-6, 2012 which Theera failed to prove that the orders were sent according to the client’s instruction.
The Nongan Saetung case was also submitted by his employer. The SEC then probed into the case and found from conversation records that Nongun had obtained authorization to trade derivatives for the client. He then proceeded to take the actions with such permission.
In performing their duty, an investment consultant can send trading orders only when obtaining orders from the clients. Even with the client’s permission; they cannot make decisions on behalf of the client. In this regard, Theera and Nongun’s actions were in violation of Clause 20(2) of the Notification of the Capital Market Supervisory Board No. TorLorThor. 3/2555 Re: Approval for Personnel of Business Operator to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012. The SEC therefore has suspended Theera for six months. Due to his approval status which will expire by December 31, 2012, the suspension period shall therefore remain until then and the SEC will not consider his renewal application for another six months. The SEC also publicly reprimanded Nongun for his inappropriate behaviors in performing duties as an investment consultant and keeps such demerit record for future reference if a breach of duty is repeated.