The Department of Special Investigation (DSI) has filed charges against Shine Bunnag and 10 accomplices for manipulating shares of Solution Corner (1998) or SLC, now called News Network Corporation, says Pol Col Paisit Wongmuang, DSI director-general.
The DSI's move follows criminal complaints filed by the Securities and Exchange Commission (SEC), which found irregular trading in SLC shares for a month back in 2010, leading to the probe.
Pol Col Paisit said yesterday he approved DSI officials charging the 11 accused in this case.
Mr Shine could not be reached for comment yesterday.
The SEC filed the complaint in September 2014 against the 11 accused after it gathered records kept by the suspects regarding the details of the group trading in SLC shares, cash flow within the group, and monthly payments made to seven people who abetted their activities. It also gathered statements from some suspects who admitted control of a share manipulation scheme.
Based on this evidence, the SEC believed Mr Shine, Pataman Buranasin and Supichaya Chaimueanvong colluded to defraud other investors through fake trading in SLC shares using the trading accounts and bank accounts of Ms Pataman, Ms Supichaya, Meesak Makbumroong, Apinunthakan Pongsathabordee, Tepparit Sihisarapisit, Tree Bunpradphai, Phawit Natapintu, Siriya Dumrongviteethum, Chanatip Tantipoontham and Thai Bunpradphai.
Shares of SLC were manipulated from Jan 29 to April 29 and from May 3 to July 21 in 2010, which resulted in SLC's share price rising 18.3% during the period while the Market for Alternative Investment index fell 3.35%. Trading volume jumped 240% without reason during that period, said the SEC.
The DSI found evidence that trading from these accounts matched the timing within the group, correlating to high volumes to control the market price of SLC shares, misleading the public and inducing them to trade in SLC shares.
The nine accounts then gradually offloaded their SLC shares to profit from the run-up in price. Mr Thai, in particular, helped the group by gathering and providing related information essential to the scheme, said the SEC.