SEC Orders Asset Freeze and Travel Ban in STARK Case Investigation

SEC Freezes Assets and Bans Departure for STARK Criminals

In a recent development, the Securities and Exchange Commission (SEC) has taken firm action against Stark Corporation Public Company Limited (STARK) by freezing the assets of the individuals involved in the case and temporarily restricting their departure from the Kingdom. A total of 10 cases have been identified by the SEC, indicating a serious breach of regulations.

Mr. Thawatchai Pittayasopon, the Deputy Secretary General and Acting Secretary General of the SEC, emphasized that the organization is working diligently with other agencies, such as the Department of Special Investigations (DSI), the Anti-Money Laundering Commission (AMLO), and the Stock Exchange of Thailand (SET), to conduct a thorough and extensive investigation into the criminals associated with the STARK case. Any findings of criminal activities will be met with appropriate penalties.

Regarding the ongoing investigation, the SEC is currently focused on determining the existence of stock price manipulation, commonly known as “spinning stocks,” and whether false information has played a role in influencing trading and pricing behavior. The SEC has already raised concerns about the dissemination of misleading information, and it aims to assess the potential impact on the financial market. Additionally, the investigation is examining whether there has been any illegal exploitation of inside information by executives for personal trading gains.

The SEC reaffirms its commitment to maintaining the integrity of the market and protecting investor interests. The organization vows to take swift action against any individual or entity found guilty of fraudulent activities in order to preserve a fair and transparent trading environment.

Mr Thawatchai Pittayasopon, Deputy Secretary General, Acting Secretary General of the SEC disclosed that according to the SEC, there is a charge. And an order to freeze the assets of the criminal in the case of Stark Corporation Public Company Limited or STARK, a total of 10 cases, and temporarily ban them from leaving the Kingdom The SEC has taken it to some extent. Not all operations

“There are many parts to the workflow. Anything that is clear first or gathering information first, we will speed up the action. The sequence still exists. By cooperating with other agencies, including the Department of Special Investigations (DSI), the Anti-Money Laundering Commission (AMLO) and the Stock Exchange of Thailand (SET) to extend the investigation into criminals in the STARK case If a crime is found, additional penalties will be be installed,” said Mr Thawatchai.

At this time, the SEC is in the process of investigating the creation of stock prices (spinning stocks) whether such behavior is or not. because false information was revealed which the SEC has already blamed Therefore, it must be seen whether such news or information has an impact on trading or pricing behavior or not. Including the case of making a large number of executives using inside information (inside) for trading or not.

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