BANGKOK : Police from the Economic Crime Suppression Division (ECSD) on Thursday (Oct 6) arrested the British chief executive officer of a closed-down company for allegedly defrauding Thai investors of 40 million baht.

Mark Edward Kirkham, 57, was arrested on his arrival at Suvarnabhumi Airport from Singapore.

The Southern Bangkok Criminal Court had issued a warrant for Kirkham’s arrest after a group of Thai investors filed a complaint against him with the Securities and Exchange Commission (SEC), which in turn filed a complaint with the ECSD.

According to the complaint filed by the SEC, Kirkham, who was the CEO of PFS International Consultant Co Ltd, previously known as Barkley Spencer International Co Ltd, invited Thai investors to invest in his firm’s foreign fund with a promise of 7-11 per cent yields.

But the Thai investors could not withdraw their money when the deposits reached their due date, allegedly causing damage of over 40 million baht. The company later shut down.

The SEC said that PFS International Consultant and Kirkham did not seek permission from the SEC to operate a securities firm, so the SEC has accused the two of violating the law.

Kirkham was charged with violating the SEC law for running a securities company without permission. He denied all charges and was handed over to ESCD subdivision 3 for prosecution.

 - ANN