Mitihoon – The Securities and Exchange Commission has imposed a 10-year revocation on an investment consultant named Miss Sareerat Saechaw for acting in a manner that indicated dishonesty, which significantly affected the reliability of personnel in the capital market business, and for failing to perform duties with loyalty by acting wrongfully against investor assets. At the time of her misconduct, she was employed by ttb Bank Public Co., Ltd.
Following an inspection report from ttb Bank and the SEC’s further investigation, it was found that during the years 2015 – 2024 Sareerat acted in a manner that implied dishonesty and committed wrongdoing against a client’s assets by (1) using the client’s credit card to withdraw cash and spending the money for her own personal use, (2) replacing the client’s banking account contact information (mobile number and email address) with her own information to register for the bank’s internet banking services under the client’s name, and withdrew money from the client’s banking account for her personal use, and (3) redeeming investment units in the client’s mutual fund portfolios through the bank’s internet banking and transferring the fund from the unit redemption to her own banking account. Her misconduct caused damages to the client in the total amount of 389,622.60 baht. Sareerat has fully paid compensation for the damages to the client.
The SEC has considered that Sareerat’s acts under (1) and (2) constitute misconduct, indicating dishonesty and significantly affecting the reliability of personnel in capital market business, and the acts under (3) constitute a failure to perform duties or provide services with loyalty by committing wrongdoing against investor assets. Both cases constitute prohibited characteristics for personnel in the capital market business under the Capital Market Supervisory Board’s regulations.* Therefore, the SEC has revoked Sareerat’s approval as Investment Consultant for Complex Products Type 2** for 10 years. However, since her approval has already expired on 31 December 2024, the SEC has set a 10-year period starting from 15 October 2025 during which her applications for approval to be personnel in the capital market business will not be considered.***
In determining the aforementioned period, the SEC has taken into account the following factors: relevant roles, behaviors of the person under consideration, any penalties already imposed on that person, the impacts in terms of damages or benefits arising, any rectifications or other actions that are beneficial or obstructive to the SEC’s proceedings, and any records or past demeanors indicating unsuitability to be personnel in the capital market business.
The SEC strongly urges investors to regularly review their mutual fund unitholding reports and banking account statements. Investors should avoid using, or permitting the use of, investment consultants’ email addresses or phone numbers for communications or for receiving important documents. This precaution helps protect against potential losses due to fraud.
Note:
* Failure to comply with Clause 23 (1), subject to the prohibited characteristics of the personnel in the capital market business under Clause 31(3) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Personnel in the Capital Market Business dated 3 June 2014, as amended by the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 48/2560 Re: Rules on Personnel in the Capital Market Business (No. 7) dated 30 August 2017.
** Investment Consultant for Complex Products Type 2 is allowed to give investment advice on all types of non-complex capital market products and complex or high-risk debt instruments or investment units, e.g., investment units of mutual funds offered to institutional or ultra-high net worth investors, investment units of mutual funds with investment in derivatives, hybrid securities, and structured notes.
*** Sareerat’s applications for obtaining SEC approval to be personnel in the capital market business during the 10-year period, starting from 15 October 2025, will not be accepted.
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