The Regulator Who Won't Regulate

Welcome to Whale Hunting, where we follow the money from Southeast Asian scam centers to Manhattan penthouses, exposing the criminal networks that cost Americans billions each year.

On July 25, 2024, Wisit Wisitsora-at stood before reporters to announce his appointment as Chairman of Thailand's Securities and Exchange Commission. He made specific promises: he would "rev up" the investigation process, reduce case timelines to "a few months," and ensure "an efficient SEC."

Sixteen months later, as the most significant scandal to hit Thailand's capital markets in years has unfolded in public view — complete with a Deputy Finance Minister's resignation, fleeing suspects, and allegations of a multi-billion-dollar money laundering operation linked to Cambodian scam factories — Wisit's SEC has announced no formal investigation. The regulator is, according to an SEC official, still reviewing the case.

Documents obtained by Whale Hunting reveal why: Wisit is compromised. The proof is below.

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