What happened
More Return Plc (MORE) was a Thai holding company listed on the Market for Alternative Investment, with businesses in utility services, trading, and entertainment. In November 2022, a major shareholder orchestrated a massive pump-and-dump scheme. A huge buy order was placed at market open, matched by sell orders from related parties, and then the buyer defaulted on payment. This left over 10 securities firms liable for settlement, with combined losses of approximately 4.5 billion baht.
The scandal, described as a coordinated 'broker robbery,' became one of the largest stock manipulation cases in Thai history. The SEC, Central Investigation Bureau, and Anti-Money Laundering Office launched investigations. The Civil Court ordered the return of 4.5 billion baht to 11 affected brokerage firms and directed AMLO to use 5.376 billion baht from the sale of seized shares as compensation. A total of 42 individuals were charged.
In April 2026, prosecutors recommended indictment of former More Return CEO Amarit Klomjitcharoen, Global Service Center CEO Puntarik Israngkul na Ayudhya, and Tong Hua Group chairman Sumnuek Kayawatkit for colluding to artificially influence MORE share prices. The Criminal Court denied bail, citing flight risk, and held both executives. The case triggered a major overhaul of Thai trading regulations and margin loan requirements.
What it cost
The pump-and-dump left 11 brokerages liable for 4.5B baht, 42 charged, CEO held without bail.
Why it happened
A major shareholder placed huge buy orders matched by related-party sell orders, then defaulted — leaving brokerages liable for 4.5 billion baht in settlement losses.
The scheme was a coordinated pump-and-dump involving 42 charged individuals, described as one of the largest stock manipulation cases in Thai history.
The court denied bail to the former CEO, and the case triggered a complete overhaul of Thai trading regulations and margin loan requirements.
The lesson
A default on a massive matched-order trade can collapse multiple brokerages at once. When the buyer and seller are the same party, the market is not trading — it is being emptied.
FOLLOW THE EVIDENCE
The sources
- More Return share manipulation case moves forward — Bangkok Post bangkokpost.com
- Thai Court Slams 'More Return' with Series of Fraud Acts — Kao Hoon International kaohooninternational.com
- Thailand's Notorious MORE Stock Scandal Deepens, Court Detains Executives — Kao Hoon International kaohooninternational.com
- Civil Court Orders Return of ฿4.5 Billion to Brokers in Major Thai Stock Manipulation Case — Thai Times thaitimes.com