Bangkok, June 1-The Minister of Finance, through the recommendation of the SEC, has revoked the securities business license of Asia Wealth Securities Co., Ltd. effective from May 19, 2023 due to Unauthorized misuse of client funds and not returned within the specified period
The Securities and Exchange Commission (SEC) announced that during November 2022, the SEC has inspected the operation of Asia Wealth Securities Company Limited (Asia Wealth Securities). It was found that on November 14, 2022, Asia Wealth Securities had used the customer’s money in the amount of 154 million baht to pay for the purchase of securities of More Return Public Company Limited (MORE) with the Office of the Securities and Exchange Commission. Direct Debit (Thailand) Co., Ltd., which is misusing the customer’s money without the customer’s permission. The reason is that customers who buy MORE securities on November 10, 2022 are unable to pay the price.
The SEC is of the opinion that Asia Wealth Securities operates in a manner that may cause serious damage to the public interest. therefore brought the aforementioned matter to the Capital Market Supervisory Board (CAT Commission), in which the CEC Commission, by virtue of Section 143 paragraph one of the Securities and Exchange Act B.E. . Asia Wealth edit operations By returning the customer’s assets that have been used for misuse and having a system to prevent misuse of customer’s assets without the customer’s permission within the specified period, which later on Asia Wealth is unable to proceed within the period specified by the SEC.
In this regard, the SEC Board of Directors resolved not to extend the period for Asia Wealth Securities as requested to extend the period for the implementation of such order. taking into account the possibility of the implementation Including the suitability and protection of the impact on the customer’s property.
The SEC therefore brought the matter to the SEC Board for consideration at its meeting No. 16/2022 on December 1, 2022, in which the SEC Board considered that the company l Asia Wealth does not return the customer’s assets that have been used for misuse within the period specified by the SEC and is unable to revise the operation to provide a system to prevent misuse. The customer’s money can be used for misuse without the customer’s permission according to the order of the AC. not the first time but have committed such offenses before Including before this incident of using customer’s money, the SEC has warned Asia Wealth Securities that the company must not use customer’s money. But the company continues to repeat the same offense without knowing that it cannot be done by the SEC.
The Minister of Finance, with the recommendation of the SEC, considered that The company violates and does not comply with the conditions of the order of the SEC under the first paragraph of Section 143 of the Securities Act, by virtue of the second paragraph of Section 143 of the Securities and Exchange Act. Revoked the securities business license type A of the company, effective from May 19, 2023. -Thai News Agency
Source: Thai News Agency