“The company gave seven marketing officers credit for customers whose accounts they did not service, resulting in their receiving compensation in excess of that permitted by the SET’s regulations. In addition, three of the seven marketing officers paid incentives back to their former manager.”
By virtue of Articles 18, 25, 27 and 28 of the Rules, the Sub-committee has passed a resolution to fine BT Securities THB 1,120,000 (approx. USD28,000).
The Sub-committee also requires the company to place the former manager and the three marketing officers involved on probation, and also require that the ex- and present executives of the company as well as the four marketing officers involved to henceforth monitor and control the operations of the company strictly in compliance with the SET’s regulations,” the SET EVP said.
The SET has already informed BT Securities about these resolutions. They acknowledged the results and do not wish to appeal. They have confirmed that their policies are to operate strictly in compliance with the SET’s regulations, and that these violations were operational errors of some of their staff to an extent and was inappropriate. Presently the five of the above personnel mentioned no longer work at BT Securities.
Nevertheless BT Securities will further require their management and compliance staff to more strictly oversee operational proceedings and establish a more effective internal control system so as to make it more in line with the SEC’s as well as SET’s rules and regulations.
