The Securities and Exchange Commission (SEC) has filed a criminal complaint against Richard Dunston Malpass, a British national, for operating a securities business without a licence.
Several foreign investors informed the SEC that Mr Malpass, who resided in Thailand, had solicited them to transfer pension funds from overseas to make investment based on his advice for the sake of tax benefits and long-term return. The investors followed his advice but suffered losses.
Mr Malpass was not licensed to operate securities business pursuant to the Securities and Exchange Act of 1992. His action was in violation of Section 90 and liable to penalties under Section 289, which are imprisonment for a term of 2-5 years and a fine from 200,000 to 500,000 baht, plus a daily fine of 10,000 baht until the period of violation ends.
The SEC therefore filed a criminal complaint against Mr Malpas with the economic crime suppression police for further legal proceedings.
Anyone who may have been affected by his unlicensed securities business operation should give statements to ECD police for further investigation and procecution by calling 0-2237-1199.
Investors are strongly advised to consult the License Check banner at www.sec.or.th before making investment decisions.
Information on suspicious unlicensed securities business operation can be given to the SEC for further appropriate action via Hotline 1207.