Bangkok, December 29, 2025 – Nine individuals are facing criminal charges for allegedly manipulating the stock price and trading volume of Comanche International Public Company Limited (COMAN), the Securities and Exchange Commission (SEC) announced today. These actions misled investors and violated Thailand’s securities laws, with legal proceedings now underway.
Stock Manipulation Scheme Unveiled
The SEC alleges a coordinated effort to artificially inflate and control COMAN stock, impacting market fairness.
- The SEC filed criminal complaints with the Economic Crime Suppression Division (ECD).
- The alleged manipulation occurred over multiple periods in 2022 and 2023.
- The SEC also reported the case to the Anti-Money Laundering Office (AMLO).
- Those charged include Nitis Sillamat, Phatchanok Thanarutairoj, and seven others.
According to the SEC’s investigation, prompted by referrals from the Stock Exchange of Thailand (SET) in February and October 2023, the nine individuals – who shared personal and financial ties – colluded to manipulate COMAN shares between November 23-24, 2022, December 13, 2022 – January 27, 2023, and June 28 – July 13, 2023.
The alleged tactics included placing buy orders to artificially drive up prices, strategically maintaining bids to obstruct other investors, matching trades at similar prices and volumes, and controlling opening and closing prices through timed buy and sell orders. What does this mean for investors? These maneuvers aimed to distort the true market conditions of COMAN stock, creating a false impression of demand and value.
The individuals named in the complaints are Nitis Sillamat, Phatchanok Thanarutairoj, Passakorn Sillamat, Chayada Sukkasi, Supa Wonganu, Wasawat Prasertsin, Giadtisak Jaroensuk, Panpong Kidrakmuang, and Winai Vangpeng.
The SEC has forwarded the criminal complaints to the ECD for further legal action and simultaneously reported the proceedings to the AMLO, citing the offenses as predicate offenses under anti-money laundering laws. The SEC stated it will closely monitor the legal process and fully cooperate with relevant agencies to enforce the SEA.
The criminal enforcement process will now involve investigation by an inquiry official, prosecution by a public prosecutor, and adjudication by the court system.
