‘Rogue’ Facebook broker sued by SEC

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‘Rogue’ Facebook broker sued by SEC

By The Nation

 

 

The Securities and Exchange Commission (SEC) has filed a criminal complaint against Artit Suntawanic for allegedly operating a securities and derivatives business without a licence.

 

Acting on a tip-off from the operator of the “Japhoon” (Catching Stocks) Facebook account, the SEC found that Artit was allegedly offering investment advice and soliciting investment in securities and derivatives via the account. It said he was also using a Line chat group to recommend securities and derivatives to invest in, and receiving payment in return.

 

Operating a securities business without a licence is an offence punishable by two to five years in prison and a fine of Bt200,000 to Bt500,000 plus further daily fines of up to Bt10,000 while the contravention continues. Meanwhile, operating a derivatives business without a licence carries a prison term of up to three years and/or a fine of up to Bt300,000 plus daily fine not exceeding Bt10,000 while the offence continues.

 

The SEC has invited anyone who has suffered losses through Artit’s actions to call the Economic Crime Suppression Division at (02) 237 1199 and offer information for the investigation.

 

The SEC also strongly advised people to be cautious and make investments only with properly licensed intermediaries. Investors can check the list of licensed or registered business operators at www.sec.or.th and via SEC Check First application. Complaints can be made via the SEC Help Centre 24-hour hotline at 1207 or by sending an email to [email protected].

 

Source: https://www.nationthailand.com/news/30393163

 

-- © Copyright The Nation Thailand 2020-08-19

 

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