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27 July 2001
News Release
COMMISSION WELCOMES THAI SEC ACTION ON ILLEGAL BROKING
The Securities Commission is pleased that the Thailand Securities and Exchange Commission is tackling the problem of illegal brokers operating from that country.
Many New Zealanders have lost money to brokers cold calling from Thailand and other countries. We maintain a list of brokers on our website who have been cold calling New Zealanders. A number of these brokers are the subject of the latest action by the Thai authorities.
We again warn people against sending money out of the country to brokers known only to them by unsolicited telephone calls. The reasons for this are strongly reinforced by a statement from the Thailand Securities and Exchange Commission dated 26 July.
Contact:
Norman F Miller
Senior Executive (Operations)
Warnings
To prevent investors from investment losses due to illegal practices and fraudulent activities, the Thai SEC would like to urge all investors to be aware of unsolicited contacts by unknown or unregistered persons and to verify whether such persons are registered in a country where they are alleged to have been based. Besides, investors should:
- Be careful when dealing with a complete stranger using high-pressure sales tactics over the phone with a promise for high returns.
- Be careful when dealing with companies who claim to have licensed securities businesses and claim to have physical presence in Thailand, but requiring investors to transfer money for investment either by
- To transfer money to Thailand for securities investment in other countries. In this case it should be treated as being highly suspicious because in Thailand the capital outflow policy is controlled by the Bank of Thailand which normally does not allow the transfer of money out of Thailand for the purpose of investment overseas. As such, the transfer of money to Thailand for settlement of purchased securities in another country is not usually possible.
- To transfer money to another country (other than Thailand). This may be the case where such unlicensed securities companies have only post boxes or switchboard facilities with forwarding contacts in other jurisdictions outside Thailand.
- To transfer money to Thailand for securities investment in other countries. In this case it should be treated as being highly suspicious because in Thailand the capital outflow policy is controlled by the Bank of Thailand which normally does not allow the transfer of money out of Thailand for the purpose of investment overseas. As such, the transfer of money to Thailand for settlement of purchased securities in another country is not usually possible.
- Be extremely cautious about investment offer in companies they
hardly know about and relevant information is difficult to obtain.
- Check information regarding licensed securities companies in Thailand by the Thai SEC prior to making any investment from our web site http://www.sec.or.th or make a direct contact with us via phone, facsimile or e-mail.
For more information or inquiry, please contact:
Director
Office of the Secretary-General
The Office of the Securities and Exchange Commission
16th Floor, Diethelm Tower B
93/1 Wireless Road
Lumpini, Patumwan
Bangkok 10330
Thailand
Tel.: (662) 256-7708 / (662) 252-3223
Fax: (662) 256-7755
E-mail: info@sec.or.th
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