The Securities and Exchange Commission (SEC) lodged a complaint with the Department of Special Investigation today, accusing three former executives of STARK Corporation Public Company of insider trading.

According to the SEC, STARK’s auditor had observed that the company’s financial statements might have been “doctored”, leaving the company unable to submit its 2022 financial statements to the Stock Exchange of Thailand (SET) within the deadline.

STARK is a wire and cable manufacturer.

The SET then launched an investigation into the conduct of former CEO Chanin Yensudchai, former chief finance officer Sattha Chansetthalert and Yosboworn Ammarit, and discovered that the trio had used information from the company’s auditor, which may have a negative impact on the company’s share price, in their decision to off-load their shareholding through Yosboworn’s account.

If true, the conduct of the three former executives violates Sections 242 and 296 of the Securities and Exchange Act and Section 83 of the Criminal Code.