SEC suspends an investment consultant for unprofessional conduct
Bangkok, 2 November 2017 The SEC has suspended the approval for a capital market investment consultant, Mr. Sittigun Pinmatha, for 12 months due to his failure to perform duties carefully and professionally. He was working for Asia Plus Securities Co., Ltd. at the time of misconduct.
Following the inspection report submitted by Asia Plus Securities and the subsequent examination conducted by the SEC, it was found that Sittigun had solicited a client to invest in derivatives products by guaranteeing returns; the client agreed to the deal and allowed him to make investment decisions on the clients behalf. Later, he was found to have concealed facts from the client regarding the trading transactions and the accounting status of the client after incurrence of investment loss.
Sittiguns misconduct is deemed irresponsible and unprofessional performance of duties in contravention of the Notification of the Capital Market Supervisory Board. The SEC has therefore imposed a 12-month suspension as a capital market investment consultant, starting from 31 October 2017. Asia Plus Securities has terminated his employment since 19 October 2016.
Investors are strongly advised to check their investment information in the status report of their trading accounts regularly, as prepared by the responsible securities companies, and not to fall for promises of guaranteed returns because investment in the capital market could either yield profits or incur loss depending on its potential risks.
Clause 23(2) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Capital Market Business Personnel dated 3 June 2014, and the prohibited characteristics of the capital market business personnel in Group 3 under Clause 31(1) of the said Act.
Since the approval period for functioning as a capital market investment consultant ends on 31 December 2017, the suspension period shall end simultaneously. In addition, the SEC shall not accept his new application for approval as capital market business personnel for another 12 months, starting from 1 January 2018.