After receiving a client’s complaint against Kittikhun, the SEC further probed into the case and found that Kittikhun persuaded his client to invest in derivatives contracts by exaggerating return from investment. He had prepared his own documents for giving investment advice without any reference from analysis report or certification of Maybank Kim Eng Securities (Thailand) Plc. Certain statements contained in the said could make the client believe that he will not lose the money if making investment decision on the advice. Furthermore, Kittikhun failed to immediately submit orders to close out derivatives positions as directed by the client, causing the client to suffer loss.
Failure to give proper investment advices on generally accepted professional standards, guarantee returns from investment and failure to carry out order of the client were in violation of the Notifications of Capital Market Supervisory Board concerning personnel in the capital market*. The SEC therefore suspended Kittikhun from his duty as the approved capital market investment consultant for 6 months. Taking into account that Kittikhun had already been suspended by his employer for a month 7 days, however, the suspension imposed by the SEC shall remain 4 months 23 days, effective from
December 11, 2014.