The Securities and Exchange Commission (SEC).","tags":["regulatory agency"]},{ The year ends with major news shaking Thailand's capital market again, as the SEC announced an expansion of its investigation into the JKN stock saga involving JKN Global Group Public Company Limited. The SEC resolved to charge an additional 12 wrongdoers, referring them to the Department of Special Investigation (DSI) and forwarding the case to the Anti-Money Laundering Office (AMLO)." ,"tags":["capital market","investigation","JKN"]},{
The SEC has implemented the strongest legal measures by ordering asset seizures and banning travel abroad for four senior executives led by "Ann Jakrapong Jakrajutatip" after uncovering layered fraud, including financial statement manipulation and siphoning company funds, causing damage exceeding 714 million baht. However, recent reports indicate that Ann Jakrapong and some associates have already fled Thailand, raising social media debates on whether the authorities acted promptly enough." ,"tags":["asset seizure","travel ban","fraud","executives","JKN"]},{
The SEC's extended investigation revealed irregularities, leading to charges against 12 individuals, including Ann Jakrapong and other senior executives. They are accused of fraud involving fictitious content license transactions valued at 557.63 million baht." ,"tags":["fraud","content license","JKN"]},{
These funds were transferred out of JKN to Ann Jakrapong’s nominees and then cycled back to purchase JKN shares and bonds on her behalf. This not only created a financial illusion (likely reflected in the 2022-2023 financial statements) but also saw parts of the money flow into personal accounts of executives." ,"tags":["money laundering","financial fraud","executives"]},{
Beyond financial statement fraud, clear exploitation of retail investors was detected. Executives and close associates used inside information about the default on JKN239A bond payments—information not yet public—to rush-sell JKN shares to avoid losses." ,"tags":["insider trading","retail investors","bond default"]},{
Many actors were involved, including accounts belonging to the executives’ father and relatives, used as instruments to offload shares ahead of public announcement of the bad news." ,"tags":["insider trading","share manipulation","family involvement"]},{
The SEC’s extended probe led to charges against 12 offenders (11 individuals and 1 legal entity: JKN), divided into two main groups of misconduct as follows." ,"tags":["investigation","charges"]},{
Group 1: Fraud, fabricated debts, and financial statement manipulation." ,"tags":["fraud","financial manipulation"]},{
This group consists of four senior executives the SEC considers the main perpetrators behind the fictitious content license transactions designed to divert company funds for personal use and manipulate accounts. These four have been ordered to have their assets frozen and are banned from leaving the country under Section 267 of the Securities Act. They include:" ,"tags":["asset freeze","travel ban","executives"]},{
1. Mr. Jakrapong Jakrajutatip (Chief Executive Officer)
2. Ms. Pimuma Jakrajutatip (Jakrapong’s younger sister, executive director and deputy managing director of content operations)
3. Ms. Pismay Hangtaisong (executive director and acting deputy managing director of finance and accounting)
4. Ms. Kamonrat Mongkolkruth (executive director and deputy managing director of sales)
Group 2: Network involved in insider trading and nominee accounts.
This group includes those involved in selling JKN shares before bad news was announced or those who allowed nominee accounts to be used to disguise transactions. Additional names include:
5. Mr. Pornchai Mongkolkruth (younger brother of Ms. Kamonrat)
6. Mr. Achira Sutthisathaporn (Jakrapong’s father)
7. Ms. Parichat Niamhom
8. Ms. Ariyaporn Thaijinda
9. Ms. Monrudee Iam-olarn
10. Mr. Chedtha Jitramanee
11. Mr. Kritipat Sritepiaim (legal director) who assisted Jakrapong by facilitating share sale orders through nominee accounts.
Additionally, the 12th charged party is JKN Global Group Public Company Limited as a legal entity for submitting false financial statements to the SEC.
Many investors have questioned whether the timing of the asset freeze and travel ban is too delayed. The SEC responded to this concern by explaining:
When the SEC charged JKN, Mr. Jakrapong, and Ms. Pimuma in June 2025, there was no indication that Mr. Jakrapong and Ms. Pimuma intended to flee or were suspected of transferring assets. Both traveled in and out of the country multiple times during the investigation. They also provided statements and official explanations to the SEC each time before the June charges were filed.
Furthermore, Mr. Jakrapong appeared publicly in various media, which did not meet the criteria under Section 267 of the Securities Act for issuing travel bans and asset freezes previously.
The additional charges now come from the expanded investigation following the June 2025 charges, uncovering more evidence of fraud beyond what was previously charged.
Once it became clear that Mr. Jakrapong and Ms. Pimuma had fled the country and there was evidence of asset transfers, and considering the widespread public impact, the SEC invoked Section 267 of the Securities Act to order asset freezes and travel bans.
The current travel ban issued on 25 December 2025 covers four individuals involved in the fraud for 15 days. Simultaneously, the SEC will petition the court to extend the travel ban period.
Going forward, the case proceeds to the DSI investigators and prosecutors to file charges in court. The SEC confirmed it will coordinate with immigration and relevant agencies to track down the suspects and seize assets thoroughly.
This case serves as a costly lesson and an important study in governance within Thailand's capital market that investors must continue to monitor.
For stock and investment news, follow Thairath Money at
Follow the Facebook page: Thairath Money at this link