SEC lays charge against fund manager
The Securities and Exchange Commission (SEC) has filed a criminal complaint against Sopana Janeborvorn, a former mutual fund manager responsible for the operations of Kasikorn Asset Management Co (K-Asset) and SCB Asset Management Co (SCBAM), as well as the equity funds managed by both companies.
- Published: 15/02/2013 at 05:13 PM
- Newspaper section: breakingnews
Evidence indicated that she had performed her duty dishonestly in order to obtain unlawful gains for the benefit of herself and others , in violation of Section 311 of the Securities and Exchange Act B.E. 2535 (1992),the SEC said in a statement released Friday.
Phra Suthep Arpassaro (Panpai) and Vachala Pisitsak were also named in the complaint as aiders and abettors.
The SEC launched an investigation following a referral from the Stock Exchange of Thailand (SET) about the trading behaviour of some investors involving suspected collusion with personnel of asset management companies in a front running scheme.
The SEC found that Ms Sopana had committed a dishonest act, the statement said.
She was K-Asset Vice President from November 2009 to November 2010 and SCBAM Senior Executive Vice President from February to March 2011 with duties as head of fund managers responsible for supervising the equity funds managed by both companies.
Ms Sopana has used information about the funds' investment plans to trade securities for her personal or other persons' gains (front running). Such trading activities were made through two securities trading accounts with assistance from Phra Suthep and Ms Vachala, the statement said.
The SEC also revoked her accreditation as an approved fund manager, although she is now not working with any company.
The regulatory commission has instructed all asset management companies to strengthen their measures to keep confidential their internal fund operation information.