Thailand Securities and Exchange Commission filed criminal complaints with the Economic Crime Suppression Division of the Royal Thai Police against three individuals for buying or selling securities ahead of a mutual fund’s trades using information about the fund’s pending orders, and notified the Anti-Money Laundering Office. The case followed a June 2024 referral from the Stock Exchange of Thailand and the SEC’s investigation, which found reasonable grounds that Miss Piyapach Udomrat, Mr. Wisut Boonkasemsanti and Mrs. Nawinee Udomrat colluded in conduct likely to affect the mutual fund’s interests. Evidence indicates Piyapach, then an employee in a securities dealing unit at an asset management company affiliated with Bualuang Asset Management Co., Ltd., disclosed details of mutual fund buy and sell orders that she was placing, enabling Wisut to trade ahead of multiple fund orders in 2023–2024, with Nawinee involved in the related financial aspects. The SEC cited offences under Section 244/2 in conjunction with Section 244/1 and Section 315 of the Securities and Exchange Act B.E. 2535 (1992) and reported the matter to AMLO because unfair securities trading practices are predicate offences under the Anti-Money Laundering Act B.E. 2542 (1999). The enforcement process will proceed through police inquiry, public prosecution and court adjudication, and the SEC will monitor the case and cooperate with relevant agencies to support legal enforcement.
Thailand Securities & Exchange Commission 2025-08-06
Thailand Securities and Exchange Commission files criminal complaints over mutual fund front running and reports case to AMLO
The Thailand SEC filed criminal complaints against three individuals for insider trading related to mutual fund orders, following a referral from the Stock Exchange of Thailand. The SEC found that Piyapach Udomrat, Wisut Boonkasemsanti, and Nawinee Udomrat colluded to trade ahead of fund orders, violating the Securities and Exchange Act. The case has been reported to the Anti-Money Laundering Office as these practices are predicate offences under the Anti-Money Laundering Act.