The Finance Ministry has revoked a securities business licence of Asia Wealth Securities (AWS), as proposed by the Securities and Exchange Commission (SEC) for misuse of client funds without permission.
The company did not return the funds to clients within the date specified by the regulator.
The SEC examined AWS’s operations and found that on Nov 14, the company used 154 million baht of clients’ money to purchase shares of More Return (MORE) from Thailand Clearing House.
This is a misuse of clients’ funds without their permission, said the SEC.
“The SEC believes AWS’s actions could cause serious harm to the public interest. The case was brought before the Capital Market Supervisory Board, which ordered AWS to return the misused money to clients and develop a protection system…
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