preparing, approving, and supervising advertisements. In this respect, Merkle published advertisements without providing a channel for investors to study Merkle’s historical performance. Furthermore, Merkle

and processes for preparing, approving, and supervising advertisements. In this respect, Merkle published advertisements without providing a channel for investors to study Merkle’s historical

trading shares in the SET. He also gained benefits from which his IFEC shares of more than 57.46 million used as the collateral for his margin trading were not subject to force selling. As a result, he