SEC Accuses 14 of THG Share Manipulation – “Doctor Boon
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Table of Contents
What Happened: SEC Accusations and Criminal Referral
On December 26, 2025, the Office of the Securities and Exchange Commission (SEC) of Thailand announced it has filed charges against 14 individuals with the Economic Crime Suppression Division (OCC) for alleged manipulation of the price and/or trading volume of shares of Thonburi Healthcare Group Public Company Limited (THG). the SEC also reported the matter to the Anti-Money Laundering office (AMLO).
The SEC’s action follows an investigation initiated in 2022,prompted by information received from the Stock Exchange of Thailand (SET),and continued through 2024. The investigation uncovered evidence leading the SEC to beleive a group of 14 individuals engaged in manipulative practices.
The individuals named in the SEC’s filing are: (1) Mr. Boon Wanasin, (2) Mrs. Jaruwan Wanasin, and 12 others whose names have not been publicly released as of this report.
The Legal Process Following SEC Charges
Following the SEC’s accusation,the case enters the criminal law enforcement process. This involves an investigation by an investigating officer, followed by prosecution by a public prosecutor, and ultimately, consideration by the Court of Justice.The SEC has stated it will closely monitor the litigation’s progress and fully cooperate with relevant agencies to support law enforcement efforts in accordance with the Securities Act.
This cooperative approach is standard practice,ensuring a coordinated effort between regulatory and law enforcement bodies.The SEC’s role shifts from investigator to supporter of the criminal prosecution.
Share manipulation, also known as market manipulation, involves illegal activities intended to artificially inflate or deflate the price of a security for personal gain. Common tactics include spreading false or misleading information, creating artificial trading volume, and wash trading (buying and selling the same security to create the illusion of activity).
In Thailand, penalties for share manipulation under the Securities and Exchange Act B.E. 2535 (1992) can include considerable fines and imprisonment. The severity of the penalties depends on the nature and extent of the manipulation.
| Offense | potential Penalty (thailand) |
|---|---|
| Share Manipulation (General) | Fine up to 1,000,000 THB and/or imprisonment up to 5 years |
| Insider Trading | Fine up to 1,000,000 THB and/or imprisonment up to 5 years |
| False Reporting | Fine up to 500,000 THB and/or imprisonment up to 3 years |