More Return's 'broker robbery' wiped 4.5B baht from Thai brokerages in one day

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.