Bangkok: The Securities and Exchange Commission (SEC) has ordered the revocation of Srirat Saejaokarn's investment advisory status following findings of embezzlement. The SEC has revoked her investment advisory approval for 10 years due to her misconduct and dishonest behavior while employed at Thanachart Bank.
According to Thai News Agency, the SEC received an investigation report from Thanachart Bank Public Company Limited. The investigation revealed that between 2015 and 2024, Ms. Srirat Saejaokarn engaged in activities that compromised customers' assets. These activities included using customers' credit cards for cash withdrawals for personal use, changing contact information for customers' deposit accounts to her own to facilitate unauthorized internet banking transactions, and trading investment units in customers' mutual fund accounts for personal benefit. The total damages amounted to 389,622.60 baht, which Ms. Srirat has fully compensated to the affected customers.
The SEC found that Ms. Srirat's actions, particularly the misuse of customers' credit cards and personal information, significantly impacted her credibility as a capital market personnel. Her actions were deemed a violation of her duty to provide services with honesty and integrity, which is prohibited by the Capital Market Supervisory Board. Consequently, the SEC has revoked her approval to be a Category 2 complex investment advisor for 10 years. Despite her advisory approval expiring on December 31, 2024, the SEC will consider her next application for capital market personnel starting October 15, 2025.
In determining the revocation period, the SEC considered various factors such as Ms. Srirat's role, behavior, any sanctions received, damages incurred, and her suitability for the capital market business. These factors informed the decision to impose a 10-year prohibition.
The SEC emphasizes the importance for investors to regularly monitor their investment unit holdings and deposit accounts. They are advised not to use or allow investment advisors to use their personal contact information for receiving documents to mitigate the risk of fraud.