What Happened in the “Supaporn Phimpong” Case? Summary of Incorrect Data SEC Investigates and Has Removed It

On 9 July 2026, the Securities and Exchange Commission (SEC) held an urgent press conference regarding the report of acquisition or disposal of securities (form 246-2) submitted by Supaporn Phimpong. Previously, this report caused market upheaval when she suddenly appeared as a major shareholder in TRUE, raising questions about the SEC’s monitoring and operations.

Before explaining the SEC's current actions, Thairath Money summarizes the overall timeline of events as follows.

Timeline of “Supaporn Phimpong”

According to information from the SEC and previous Thairath Money reports, it was found that:

• 30 June and 2 July 2026: Supaporn Phimpong entered seven form 246-2 reports into the system covering six securities. These were retrospective reports indicating acquisition dates ranging from 2021 onward.
• Among these was TRUE shares, where she appeared as a major shareholder holding 7.0992%, with an estimated value exceeding 30 billion baht. This raised doubts and questions from various parties later on.
• 3 July 2026: The SEC detected irregularities in the data and applied a "first warning" label in the remarks, marking the status as "preliminary data".
• 6 July 2026: TRUE issued a statement clarifying that the data on the SEC website is preliminary and under review, as some types of securities in the report do not actually exist. They confirmed this incident did not affect business operations.
• 7 July 2026: The SEC issued a statement upgrading the warning status to a "second warning," labeling the data as "under verification," indicating an in-depth examination due to inconsistencies found.
• 8 July 2026: After verifying inaccuracies and receiving confirmations from the listed company and relevant financial institutions regarding seven transactions, the SEC removed all the related data from its public disclosure system immediately.
• 9 July 2026: The SEC held a press conference explaining that their actions did not start today or yesterday but began when the reporter registered and the system flagged warnings periodically as part of the normal verification process. They stressed the steps were not influenced by public or media pressure.
• They confirmed that once inaccuracies were found, the SEC simultaneously issued investor warnings and enforced the law.

Related news:Latest update on the mystery of “Supaporn Phimpong” acquiring over 7% of TRUE shares—what happened?

What “inaccuracies” were detected?

The SEC’s investigation uncovered three facts leading to the data’s removal from the system:

• The reporter’s name was not found as a shareholder: Supaporn Phimpong, the reporter, was not a director, executive, or person required to report under Section 59. Her name was not on the shareholder register on the record date after the claimed acquisition period, and no disposal reports were filed.
• The reported types of securities did not exist: The securities types reported as acquired did not exist during the periods stated in the reports.
• The transactions were not genuine: The number of securities reported as acquired by exercising rights from warrants matched numbers from other persons’ convertible bond exercises, so these were not transactions of the reporter.

Confirmation that “Supaporn” does exist

• The SEC’s statement confirmed that Supaporn Phimpong is a real person. The SEC’s registration system links and cross-checks data deeply with the Department of Provincial Administration’s database. Therefore, the individual named Supaporn exists in the official population register and the data was not fabricated.
• Regarding the reporting system, the SEC confirmed a clear and accurate identity verification process. It is rigorous, cross-checking with the population register and requires two-factor authentication via OTP before system access. The system also clearly warns filers that "this information will be publicly disclosed."
• After detecting inaccuracies, the SEC contacted the reporter using the information provided in the system and was able to make actual contact. They confirmed the individual admitted to submitting the report data into the system.
• However, the SEC cannot disclose detailed explanations or intentions from Supaporn because this is personal information and the enforcement process is ongoing and unresolved, requiring careful handling.

What will the SEC do next?

• Currently, the SEC has compiled the story and removed all incorrect data from the system. They have already issued investor warnings in sequence. The next step is to proceed with law enforcement under normal procedures until disproved or concluded.
• Nevertheless, the SEC stated that everything is still under in-depth investigation, so some details cannot be disclosed yet. Updates will be provided as progress occurs.
• If wrongdoing is proven under the Securities Act Section 302/1 concerning false reporting, legal action will follow. Regarding the Computer Crime Act or other laws outside the SEC’s direct supervision, if violations are found, cases will be forwarded to investigators accordingly.
• As for the SEC’s reporting system, it is continuously being improved and will continue to be enhanced. They confirm their system follows international principles and standards.
• In summary, the SEC’s process includes upstream identity screening, midstream verification and investor warning statuses, and downstream law enforcement as next steps.

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