SEC Revokes Advisor’s License for 10 Years Over Fraudulent Scheme

Investor Advisor Banned for Siphoning Client Funds

A Thai investment advisor, identified as **Miss Usa**, has faced severe repercussions from the Securities and Exchange Commission (SEC) for defrauding clients of approximately 15.1 million baht. The SEC’s decision follows an investigation prompted by a report from Bangkok Bank.

Advisor Misappropriated Funds

Between 2021 and 2026, **Miss Usa** allegedly engaged in dishonest practices, exploiting client trust and financial assets. She purportedly utilized signed withdrawal forms and ID cards of customers to illicitly withdraw funds from 18 client accounts. These misappropriated monies were then allegedly channeled into her personal accounts or used to pay insurance premiums for individuals connected to her.

Deception and Customer Damage

Records show **Miss Usa** falsified entries in client account books, falsely indicating investments were made when, in reality, the money was diverted. This deception left clients with significant financial losses, totaling 15.1 million baht. Bangkok Bank has since acknowledged its role, reaching an agreement with the affected customers and providing compensation.

SEC Imposes Strict Sanctions

The SEC deemed **Miss Usa**’s actions as a clear violation of the capital market’s ethical standards, specifically for failing to perform duties with honesty and for misappropriating investor property. Consequently, her approval as a general investment advisor has been revoked, with a ten-year ban imposed on her activities within the capital market, effective from July 22, 2020.

In its deliberation, the SEC considered various factors, including the roles of all involved parties, **Miss Usa**’s conduct, any penalties she may have already faced, the extent of financial damage or benefits gained, and any actions that may have hindered the SEC’s operations or indicated her unsuitability for the financial sector.

The regulatory body is emphasizing the importance of investor vigilance. A recent report by the Thai Investors Association indicated that while investor confidence is growing, instances of fraud underscore the need for continuous education on safeguarding assets (SET, Q2 2024).

Investor Protection Advisory

The SEC urges all investors to regularly monitor their investment accounts and bank deposits. They strongly advise against entrusting investment advisors with signed blank withdrawal forms or identity documents to conduct transactions on their behalf, thereby mitigating the risk of fraud and safeguarding their financial interests.

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