The Southern Bangkok Criminal Court has sentenced Ravi Pattiyawongse to two years in prison for running an unlicensed brokerage, according to the Securities and Exchange Commission (SEC).
In August 2001, the watchdog filed a criminal complaint against Ravi, Tyler Terrel Wasser and Patrick De Souza on suspicion of doing unlicensed broker-dealer business under the names of Benson Dupont Capital Management and Morgan Pacific.
The two entities sold shares of five listed companies in the US to investors, reaping trading fees from February 2000 to July 2001.
Wrongdoings included defrauding and deceiving the public by disseminating false information via the internet and soliciting the public to invest in shares of Benson Dupont Capital Management and Morgan Pacific, the SEC said in a release.
The actions caused US$110,274.67 in damages for investors and are punishable under Section 90 of the Securities and Exchange Act of 1992 and Sections 343 and 83 of the Penal Code.
The court sentenced Ravi to a three-year jail term, reduced to two years on his beneficial deposition. It also dismissed a charge of defrauding the public, a violation of Section 343 of the Penal Code.
In the cases of Tyler Terrel Wasser and Patrick De Souza, attempts to arrest the offenders failed and the statute of limitations has run out.