SEC revokes an investment consultant’s approval for failure to perform duties with honesty and good faith

Bangkok, 27 April 2026 - The Securities and Exchange Commission has revoked the approval of Mr. Soontorn Thamaset as an investment consultant for a period of four years for failure to perform his duties with honesty and good faith, involving the requesting and using of investor's mutual fund trading account to trade for himself with the investor' s consent. At the time of the misconduct, Mr. Soontorn was employed by the One Asset Management Limited (One).

Following an inspection report from One and the SEC's further investigation, it was found that during the period from 2012 to 28 June 2024, Mr. Soontorn engaged in conduct constituting a failure to perform duties or provide services with honesty and good faith. Specifically, (1) he requested and used client's mutual fund trading account to conduct investment transactions in mutual funds under the management of One for his own benefit with the client's consent; (2) he personally signed client's redemption order form for mutual funds; and (3) he changed client's contact address to the address of One, resulting in client not receiving transaction related documents.

The SEC has considered Mr. Soontorn's actions to be a failure to perform his duties or provide services with honesty and good faith, involving the requesting and using of investor's account for personal trading, even with the investor's consent. Such conduct is deemed a prohibited characteristic for capital market business personnel under the Notification of the Capital Market Supervisory Board*. Accordingly, the SEC has revoked his approval as an investment consultant for Complex Products Type 2** and has imposed a ban on accepting any future applications for approval as capital market business personnel for a period of four years, effective from 28 April 2026***.

In determining the aforementioned period, the SEC took into account several factors, including the individual's relevant roles and conduct; any penalties already imposed; the extent of damages or benefits resulting from the actions; any corrective measures or other actions that either support or hinder the SEC's proceedings; and records or past demeanors indicating unsuitability to serve as personnel in capital market businesses.

The SEC emphasizes that investors should not permit others to open mutual fund trading accounts or use their names to open mutual fund trading accounts. Investors are advised to regularly review transaction confirmation documents issued by asset management companies. If an investor did not place a trade, the investor should raise an objection to or dispute such transaction with the relevant asset management company. For any inquiries regarding mutual fund trading, investors should contact the asset management company without delay or reach out to the SEC Complaint Center via Hotline 1207, the SEC Facebook Page: "สำนักงาน กลต.", or SEC Live Chat on the SEC website.

Note:

* This constitutes a failure to comply with Clause 23(1), which constitutes a prohibited characteristic of personnel in the capital market business under Clause 31(1) 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 provide investment advice on all types of non-complex capital market products, as well as complex or high-risk debt instruments or investment units, such as 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.

*** Any applications submitted by Mr. Soontorn for SEC approval to be personnel in the capital market business during the four-year period, starting from 28 April 2026, will not be accepted.