Court Directs Return of 4.5 Billion Baht to 11 Brokers and Confiscates Additional 1.5 Billion Shares
In one of Thailand's largest stock manipulation cases, 32 individuals, including Apimook Bamrungwong, are facing legal action for allegedly conspiring to manipulate the share prices of More Return Plc (MORE) and its related warrant, MORE-R, between July 19 and November 10, 2022 [1].
The Securities and Exchange Commission (SEC) has filed a complaint against these individuals with the Economic Crime Suppression Division (ECD) and the Anti-Money Laundering Office (AMLO). The complaint was filed on June 29, 2023.
Apimook Bamrungwong, one of the accused, reportedly used shares he held as collateral for margin trading to place large orders. However, he allegedly refused to honor these orders, leaving 11 brokerage firms to absorb significant losses.
The Civil Court has ordered the seizure of 1.5 billion MORE and MORE-R shares involved in the manipulation as state property. The court has also instructed AMLO to use 5.376 billion baht—proceeds from the sale of those shares—to compensate the 11 brokers. In addition, the court has mandated the return of 4.5 billion baht to these brokerage firms.
Some of the brokerage firms that were defrauded and are set to be reimbursed include SCBX (฿400 million in losses), Kingford Securities (nearly ฿400 million in losses), Kiatnakin Phatra Securities (฿700 million in losses), and Krungsri Securities (approximately ฿900 million in losses).
Seized assets also include ฿405.644 million from Apimook Bamrungwong, ฿1.808 billion from Akekapat Phornprapha, ฿676.76 million from Atipat Phornprapha, ฿122.939 million from Oraphan Phornprapha, ฿195 million from Samart Chuasiripattana, and ฿55 million from Wasan Chaowala.
This case represents one of Thailand’s largest stock manipulation cases with active legal and asset recovery proceedings as of July 2025 [1]. MORE-R refers to warrants or rights issues linked to MORE shares. The manipulation of MORE shares occurred at the market's opening on November 11, 2022, at 2.9 baht per share. The court's orders mark a significant step towards justice for the affected brokerage firms.
[1] Source: The Nation, July 2025.
- The manipulation of MORE shares and related warrants, MORE-R, caused significant losses to several brokerage firms, including SCBX, Kingford Securities, Kiatnakin Phatra Securities, and Krungsri Securities.
- In addition to the seizure of shares, the court ordered the confiscation of large sums of money from the accused individuals, including Apimook Bamrungwong, Akekapat Phornprapha, Atipat Phornprapha, Oraphan Phornprapha, Samart Chuasiripattana, and Wasan Chaowala.
- The Civil Court's orders, filed on June 29, 2023, also mandated the use of 5.376 billion baht from the sale of seized shares to compensate the defrauded brokerage firms and the return of 4.5 billion baht to these firms.
- This real-estate and business magnate-driven crime not only impacted the stock market but also the economy and finance sectors, as the manipulation was one of the largest cases in Thailand's history, with ongoing legal and asset recovery proceedings as of July 2025.
