The Thailand Securities and Exchange Commission has imposed civil sanctions on Khajornkiat Ung-aram for manipulating the price or trading volume of Multibax Public Company Limited shares. He must pay THB 11,563,136 in civil penalties, compensation and investigative expenses, and faces a six-month suspension from securities and derivatives trading and a 12-month bar from serving as a director or executive of a securities issuer or securities company. The regulator found that between June 9 and Aug. 23, 2022, Khajornkiat placed large buy orders across multiple price levels and maintained dominant bid positions to create a misleading impression of demand. The activity induced other investors to buy at higher prices and was also used to prevent the share price from falling, causing the price or trading volume to diverge from normal market conditions. The trading suspension and management bar will take effect as specified in a consent letter. If Khajornkiat does not consent to settle the case, the SEC will ask the public prosecutor to seek civil sanctions in court at the maximum statutory rates, which cannot be lower than those prescribed by the Civil Sanctions Committee.

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