SEC files criminal charges against 3 "IFAs" today

[Oye at Home]

Is this announcement of criminal charges against individual "IFAs" a first? Are criminal charges against other "IFAs" to follow?

Bangkok, July 6, 2015 – The SEC filed a criminal complaint with the Economic Crime Division of the Royal Thai Police (ECD Police) against (1) Professional Portfolio International Ltd. (PPI), (2) Eric Jordan or Eric Jack Jordan as PPI director and personal capacity and (3) Gary Bradford for jointly operating securities business without license....

....The said actions were subject to an imprisonment from 2-5 years or a fine from 200,000-500,000 baht or both and a further fine not exceeding 10,000 baht for every day during which the violation continues. The SEC therefore filed a criminal complaint with the ECD Police in this matter for further proceedings. At this regard, any person suffering damage from investment with such company or persons should contact the ECD Police at 0-2237-1199 for the benefit of litigation....

Vasant Thienhom, SEC Deputy Secretary-General said, “At present, scammers use a variety of technics to lure investing public; for instance, offering unreasonably high returns and principal guarantee, quoting foreign currency as reference with fixed exchange rate, falsely claiming as foreign companies’ business alliances and being overseas investment needed no permission from the SEC. There were lots of victim falling into such pitfalls these days. The SEC has issued investor alerts in this matter and further placed emphasis the need for the public to exercise caution. As such, if being soliciting to invest in securities or derivatives such as shares, gold or crude oil, you can check credibility of such claim by visiting the SEC website (www.sec.or.th) under “License Check” banner. In addition, any persons who come across suspicious unlicensed activities persons can report the matter to the SEC at 1207 for further investigation.”

http://www.sec.or.th/en/Pages/News/Detail_News.aspx?tg=NEWS&lg=en&news_no=86&news_yy=2015