SEC lacks ability to nab manipulators | Bangkok Post: business

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SEC lacks ability to nab manipulators

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  • Newspaper section: Business
  • Writer: Oranan Paweewun
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The securities regulator wants to put more effort into cracking down on share price manipulators during the bull market, but its work remains limp as it has no authority to file charges against perpetrators. 

The Securities and Exchange Commission (SEC) is only the starting point for a stock manipulation crackdown, as these matters go to court, said secretary-general Vorapol Socatiyanurak.

The SEC just filed its first criminal complaint this year against Shine Bunnag and 12 others for manipulating the share prices of Mida Leasing Plc (ML) from March-May 2008 and in August 2010 and doing the same to Max Metal Corporation (MAX) shares in September 2010. There are growing worries over the irregular movements of several stocks now that the market is skyrocketing.

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