The Ministry of Finance has withdrawn Asia Wealth Securities‘ (AWS) securities business license following a advice from the Securities and Exchange Commission (SEC) due to the unauthorised use of client funds.
The SEC found that on November 14, AWS had improperly utilised 154 million baht of clients’ funds to purchase shares of More Return (MORE) from Thailand Clearing House without clients’ consent.
According to the SEC, “AWS’s actions may trigger serious harm to the general public interest. The case was brought before the Capital Market Supervisory Board, which ordered AWS to return the misused money to shoppers and develop a safety system to stop a recurrence of the problem within a specified period.”
On December 1, the SEC board found that AWS didn’t follow the regulator’s directions, particularly in stopping the unauthorised use of clients’ assets. Furthermore, this was not the primary time AWS had committed such an offence, despite previous warnings from the SEC.
As a result, the Finance Ministry revoked AWS’s licences for securities brokerage, underwriting, borrowing, trading and lending of securities, and personal fund administration, efficient from May 19, 2023, reviews Bangkok Post.
AWS customers are suggested to contact the company to reclaim their deposited belongings. For Jackpot or queries, customers and buyers can reach out to the SEC through its public service centre by calling 1207, the SEC Office Facebook page, SEC Live Chat on its web site, or emailing info@sec.or.th..