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Apple Wealth Securities Chief Executive Prasit Srisuwan denied
wrongdoing after the Securities and Exchange Commission (SEC)
said it had banned him from working at any securities firm for
two years due to lax client supervision.
The case comes after investors criticized what they perceived as
light sanctions on executives that the regulator fined in
December for insider trading. That led to calls for a crackdown
on financial crimes and harsher penalties to improve corporate
governance and restore investor confidence.
In a statement late on Tuesday, the regulator said Prasit failed
to adequately supervise know-your-customer and customer due
diligence (KYC/CDD) policies, undermining a system aimed at
reducing market risk for customers of financial institutions.
It said the executive approved accounts and raised credit lines
for customers that lacked necessary documentation, and that his
brokerage could be deemed an accomplice should such clients
break the law.
At a news conference on Wednesday, the executive said he
strictly complied with all rules and regulations and that he
would file a petition against the regulator.
"After more than 15 years working in the securities business, I
have never done anything that causes damage to customers,"
Prasit said. "I'm ready to fight in court if needed."
He also said, without elaborating, that Apple Wealth would
continue with a plan to list shares on the Thai stock exchange.
Thailand's benchmark share index <.SETI> has risen 12.6 percent
so far this year, making it the second-best performer in
Southeast Asia.
(Reporting by Khettiya Jittapong; Editing by Christopher
Cushing)
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