Civil Court Orders Return of ฿4.5 Billion to Brokers in Major Thai Stock Manipulation Case
Court ruling follows extensive investigation into the manipulation of More Return Plc shares and related warrants.
The Civil Court of Thailand has ordered the return of 4.5 billion baht to 11 brokerage firms, which were misled into executing orders for 1.5 billion shares of More Return Plc (MORE) and its related warrants, referred to as MORE-R.
This decision is part of one of the largest stock manipulation cases in the country.
In a detailed verdict delivered over four hours on Sunday, the court mandated that the Anti-Money Laundering Office (AMLO) use 5.376 billion baht—generated from the sale of MORE and MORE-R shares on November 10, 2022—as compensation for the affected brokerage firms.
These firms had previously advanced funds for the transactions but had not received reimbursement.
Additionally, the ruling included the seizure of the 1.5 billion shares involved, which are now classified as state property.
The legal proceedings followed an investigation into the alleged manipulation of MORE shares, leading the Securities and Exchange Commission (SEC) to file a complaint on June 29, 2023.
The complaint targeted 32 individuals linked to the scheme.
Among those accused is Apimook Bamrungwong, who is alleged to have colluded in manipulating the prices of MORE and MORE-R shares between July 19 and November 10, 2022.
Reports indicate that Apimook utilized shares already in his possession as collateral for margin trading with the 11 brokerage firms.
This tactic allowed him to execute orders for 1.5 billion MORE and MORE-R shares at the market’s opening on November 11, 2022, at a price of 2.9 baht per share.
The case has drawn significant attention within Thailand’s financial sector, raising concerns regarding regulatory oversight and the integrity of trading practices.
This decision is part of one of the largest stock manipulation cases in the country.
In a detailed verdict delivered over four hours on Sunday, the court mandated that the Anti-Money Laundering Office (AMLO) use 5.376 billion baht—generated from the sale of MORE and MORE-R shares on November 10, 2022—as compensation for the affected brokerage firms.
These firms had previously advanced funds for the transactions but had not received reimbursement.
Additionally, the ruling included the seizure of the 1.5 billion shares involved, which are now classified as state property.
The legal proceedings followed an investigation into the alleged manipulation of MORE shares, leading the Securities and Exchange Commission (SEC) to file a complaint on June 29, 2023.
The complaint targeted 32 individuals linked to the scheme.
Among those accused is Apimook Bamrungwong, who is alleged to have colluded in manipulating the prices of MORE and MORE-R shares between July 19 and November 10, 2022.
Reports indicate that Apimook utilized shares already in his possession as collateral for margin trading with the 11 brokerage firms.
This tactic allowed him to execute orders for 1.5 billion MORE and MORE-R shares at the market’s opening on November 11, 2022, at a price of 2.9 baht per share.
The case has drawn significant attention within Thailand’s financial sector, raising concerns regarding regulatory oversight and the integrity of trading practices.
