Companies related to Platinum Financial Services Limited and Infinity Financial Solutions Limited have been placed on the Thai SEC Investor Alert List for unlicensed securities and derivatives business.
Section 289 of Thailand’s Securities and Exchange Act states that any person who undertakes securities business without a license “shall be liable to imprisonment for a term of two to five years and a fine from two hundred thousand baht to five hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.”
Platinum Financial Services
On Feb 4th this year, the Thai Securities and Exchange Commission (SEC) placed PFS International Consultants Limited on its Investor Alert List for “unlicensed securities and derivatives business”.
According to the SEC alert, PFS International Consultants Limited shares a web address with Platinum Financial Services Limited, a company which is licensed to sell insurance products in Hong Kong. The CEO of Platinum Financial Services Limited is Mark Kirkham.
Kirkham is a member of the general committee of the Hong Kong Confederation of Insurance Brokers, a self-regulatory organization which regulates Platinum Financial Services Limited.
The news about Platinum’s Thai company being placed on the SEC investor alert list was first published on Andrew Drummond’s website, in an article called, “Beware of Newspapers in Southeast Asia Offering Financial Advice“.
More recently, the news was also featured in the South China Morning Post in an article titled, “Hong Kong-linked company appears on Thai SEC alert list“.
Last year, the South China Morning Post also reported that a Platinum-related company was under scrutiny by the Hong Kong securities regulator (SFC) for dealing in securities without a license. The article was called, “Fallen Centaur fund linked to regulatory executive“.
According to Section 114 of the SFO, the maximum penalty for carrying on a business in an SFC-regulated activity without a license is “a fine of $5000000 and…imprisonment for 7 years and, in the case of a continuing offence, to a further fine of $100000 for every day during which the offence continues”.
Ex-clients of Platinum have shared their stories with the author of this blog.
Infinity Financial Solutions
On June 5th, 2012, a company called Infinity Marketing Solutions was placed on the Thai SEC Investor Alert list for carrying on unlicensed securities and derivatives business. The website of the company was listed as www.infinityfinancialsolutions.com.
Infinity Financial Solutions Limited is an insurance brokerage licensed to sell insurance products in Hong Kong. Infinity’s CEO is Trevor Keidan. The company’s new website, www.infinitysolutions.com, states that Keidan resides in Hong Kong.
Infinity was fined by the Hong Kong CIB last month for failure to “maintain…professional indemnity insurance at the required limit of indemnity”.
Ex-clients of Infinity have shared their stories with the author of this blog.