The Securities and Exchange Commission of Thailand has filed a criminal complaint with the Economic Crime Division of the Royal Thai Police against three parties.

These are (1) Professional Portfolio International Ltd. (PPI), (2) Eric Jordan or Eric Jack Jordan as PPI director and personal capacity and (3) Gary Bradford for jointly operating securities business without license.

The SEC received a complaint from a foreign investor residing in Thailand that PPI solicited the complainant to transfer his overseas pension to make an investment under PPI’s advice and management for the purpose of tax benefits and long-term returns. The complainant fell into the trap and later suffered damage from the investment.

The SEC made enquiries and found that these people jointly operated a securities business without a licence, thus breaking section 90 Securities and Exchange Act. If they are convicted, they face imprisonment of between 2 and 5 years or a fine from 200,000-500,000 baht (US$5,581 - 13,954) or both for their actions, plus a further fine not exceeding 10,000 baht (US$279) for every day during which the violation continues. The SEC therefore filed a criminal complaint with the ECD Police in this matter for further proceedings. Anyone who has suffered from investing with the company should contact the ECD Police at 0-2237-1199 for the benefit of litigation.