CHUO share manipulator fined Bt14.6m

The Securities and Exchange Commission announced today that the the Settlement Committee recently imposed the fine, finalised after Chayanon agreed to enter the settlement process.

The SEC's investigation showed that Chayanont traded CHUO shares continuously during April 28 –  May 30, 2014, in such a way that controlled, sustained and influenced the price of such shares continuously to lure the general public to purchase and sell CHUO shares as well. The company's share price rose from Bt9.40 on April 25 to Bt15 on May 30, or 59 per cent. During the period, the price peaked at Bt21.60 or a 129.78 per cent increase. The average daily trading volume also increased from 0.37 million to 4.33 million shares. 

If the case went to court and he was convicted, Chayanont could face a jail term of up to two years and a fine of no less than Bt500,000.