Bangkok, March 2, 2016 – The SEC has filed two criminal complaints with the Economic Crime Suppression Division of the Royal Thai Police (ECD Police) against 11 offenders on account of operating securities business without license.
The SEC received complaints from several foreign residents that they had been solicited to use services and advice of the offenders to make investments and later suffered damage from proceeding accordingly.
The first case involves four entities, namely: (1) Gilt Edge International (Group) Ltd. – Thailand representative office, represented by Mrs. Karen Elizabeth Entwistle, (2) Mrs. Karen Elizabeth Entwistle, (3) Mr. Steven or Steve Entwistle and (4) Mr. Neil Callard.
Gilt Edge International (Group) Ltd. is a registered juristic person on the British Virgin Islands. Its local representative office is located at 2/3 Moo 14, Bangna Tower A, 2nd Floor, Room No. 207, Bangna-Trad Road, KM 6.5, Bang Kaew Sub-district, Bangpli District, Samut Prakan Province.
The representative office solicited the foreign investors to make investments according to Gilt Edge’s advice and management to earn tax benefits and long-term returns. Gilt Edge also advertised that the company had a team of professional and experienced experts to render financial knowledge and advice as well as manage portfolios suitable for different clients’ profiles via three websites: www. giltedgeintl.com, www.on-t3-line.com and www.online-t3.com.
The second case involves seven entities, namely: (1) PFS International Consultants Co., Ltd., represented by company director Mr. Mark Edward Kirkham, (2) Mr. Mark Edward Kirkham, (3) Mr. Andrew Wood, (4) Mr. Harpreet Sajjan, (5) Mr. Roger Sefton, (6) Ms. Sakun Chaiyakun and (7) Mr. Timothy Lock.
The second case involves seven entities, namely: (1) PFS International Consultants Co., Ltd., represented by company director Mr. Mark Edward Kirkham, (2) Mr. Mark Edward Kirkham, (3) Mr. Andrew Wood, (4) Mr. Harpreet Sajjan, (5) Mr. Roger Sefton, (6) Ms. Sakun Chaiyakun and (7) Mr. Timothy Lock.
PFS International Consultants is located at 142, Two Pacific Place, 21st Floor, Room No. 2105, Sukhumvit Road, Khlong Toei Sub-district, Khlong Toei District, Bangkok. The company advertised on www.fsplatinum.com that PFS was the administration office of Platinum Financial Services Limited Hong Kong, which specialized in a diverse range of investment products and financial services for alien expatriates and residents in Hong Kong, Moscow, Shienghai and Bangkok.
In both cases, none of the aforementioned entities had been licensed to operate securities business. Hence, their actions were in violation of Section 90 and liable to penalties under Section 289 of the Securities and Exchange Act of 1992. The penalties include imprisonment for a term of 2 to 5 years and a fine from 200,000 to 500,000 baht, plus a daily fine of 10,000 baht until the violation ends.
The SEC, therefore, filed the criminal complaints against all of the above offenders with the ECD Police for further legal proceedings. Anyone who may have been affected by their unlicensed securities business operation can give additional information for the benefit of the ECD Police’s investigation and litigation at 0-2237-1199.
Investors are strongly advised to consult the License Check page at www.sec.or.th to verify whether solicitors have been approved by the Minister of Finance or the SEC. In case of suspicious, unlicensed securities business operation, please call SEC Hotline 1207 for further inspection.
