The CEO of brokerage Apple Wealth Securities has become the first ever executive to challenge a penalty imposed by Thailand’s stock market regulator, according to Reuters.
Prasit Srisuwan denied any wrongdoing after Thai Securities and Exchange Commission (SEC) banned him from working at any securities firm for two years due to inadequate client supervision.
I’m ready to fight in court if needed.
The case comes after investors criticised what they regarded as “light sanctions” on executives imposed by SEC in December for insider trading, leading to calls for a crackdown on financial crimes and stiffer penalties to improve corporate governance and restore investor confidence.
According to a statement, the regulator said: “Prasit failed to adequately supervise know-your-customer and customer due diligence policies, undermining a system aimed at reducing market risk for customers of financial institutions”.
Furthermore, he was alleged to have approved accounts and raised credit lines for customers that lacked necessary documentation, and that his brokerage could be deemed as an accomplice if such clients break the law.
Prasit maintains he strictly complied with all rules and regulations and that he would file a petition against the regulator. He said: “After more than 15 years working in the securities business, I have never done anything that causes damage to customers. I’m ready to fight in court if needed.”
He added that Apple Wealth would continue with a plan to list shares on the Thai stock exchange.
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