DSI in Collaboration with CIB Submits Charges Against 42 Individuals in MORE Stock Manipulation Case

            The Department of Special Investigation (DSI), through its Bureau of Financial-Banking Crime and Money Laundering, in cooperation with the Central Investigation Bureau (CIB), has concluded its investigation into Special Case No. 66/2566 involving the alleged manipulation of MORE stock prices. The case was initiated following complaints filed by the Securities and Exchange Commission (SEC) – alleging stock price manipulation against a group of individuals – and by securities companies, alleging fraud. At the direction of the Prime Minister, a team of investigators from the CIB was appointed to join the investigation under Section 33 of the Special Case Investigation Act.

         After a thorough investigation, the DSI has gathered sufficient evidence to charge 42 individuals with jointly manipulating the prices and trade volumes of MORE stocks. The investigation revealed that the suspects – each with assigned roles – worked together to create a false impression of high trading activity for MORE stocks by placing coordinated buy and sell orders. This manipulation misled the public about the true value of MORE stocks, constituting a violation of Section 244/3 (1) and (2) of the Securities and Exchange Act, B.E. 2535 (1992), in conjunction with Sections 244/5 and 244/6. The estimated damage caused by this manipulation is approximately 800 million baht. The DSI's investigation further revealed that the suspects' actions also constitute the crime of fraud against securities companies, causing damages exceeding 4.5 billion baht. Additionally, the suspects are charged with forming a criminal assembly under Sections 341, 209, and 210, in conjunction with Section 83 of the Criminal Code.

       On May 2, 2024, the DSI investigation team submitted 75 case files, along with their recommendation to charge the 42 suspects, to public prosecutors at the Department of Special Litigation, Office of the Attorney General (OAG) for further legal action.