SEC strips Asia Wealth of securities business licence

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 to prevent a recurrence of the problem within a specified period,” said the regulator.

The SEC brought the matter to its board on Dec 1, which ruled that AWS did not follow the SEC’s instructions, especially concerning preventing unauthorised use of clients’ assets.

In addition, this is not the first time AWS used clients’ money to commit an offence.

The SEC warned the company about the issue in the past, but AWS repeated the offence, causing the SEC board to resolve to recommend the Finance Ministry consider revoking AWS’s licence.

Effective from May 19, 2023, the ministry revoked AWS’s licences for

‘‘ The SEC believes AWS’s actions could cause serious harm to the public interest. The supervisory board ordered AWS to return the misused money to clients and develop a protection system to prevent a recurrence of the problem within a specified period. SECURITIES AND EXCHANGE COMMISSION

securities brokerage, as well as underwriting, borrowing, trading and lending of securities, and private fund management.

Customers of AWS should contact the company to receive their deposited assets.

If customers or investors have any questions, they can contact the SEC for advice at its public service centre by calling 1207, or via the SEC Office Facebook page, SEC Live Chat at its website, or email info@sec.or.th.