The Thailand Securities and Exchange Commission has filed criminal complaints with the Department of Special Investigation against 18 individuals for alleged collusion to manipulate the share price and/or trading volume of One to One Contacts Public Company Limited (OTO), now Peer for You Public Company Limited (PEER). The SEC also reported the proceedings to the Anti-Money Laundering Office. Based on referrals from the Stock Exchange of Thailand in 2022–2023 and the SEC’s investigation, the regulator found reasonable grounds to believe the group engaged in coordinated trading between 13 July 2021 and 3 May 2023 (438 business days). Alleged tactics included placing buy orders to push prices up, executing small-volume trades to stimulate trading, holding bids at certain levels to pressure other investors, submitting matched orders among themselves, and influencing the closing price through pre-close orders. The conduct was described as misleading the public and causing OTO’s price and/or trading volume to deviate from normal market conditions, in violation of Sections 244/3(1)–(2) and 244/5 of the Securities and Exchange Act B.E. 2535 (1992). Following the complaints, the case proceeds through investigation by inquiry officials, prosecution by the public prosecutor, and adjudication by the court. The SEC will monitor progress and support relevant agencies, while AMLO will consider further action given the SEC’s assessment that the conduct constitutes unfair securities trading that is a predicate offense under anti-money laundering law.

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