The SEC was contacted by foreign investors residing in Thailand saying that Neil Arthur Robbirt, and firm Global Consultant, solicited them to make investments by promising them tax benefits and long-term returns.
However, neither Global Consultant nor Robbirt were licenced to operate a securities business in Thailand.
The investors proceeded according to the advice given and suffered losses as a result.
The SEC lodged a criminal complaint with the Economic Crime Suppression Division of the Royal Thai Police (ECD Police).
If convicted, Robbirt faces imprisonment of between two and five years, a fine ranging between THB0.2m and THB0.5m, plus a daily fine of THB10,000 (£195, $282, €251) until the matter is resolved.
In a separate incident, the SEC filed a criminal complaint against Richard Dunston Malpass for also operating a securities business without a licence.
Malpass, a Thailand resident, solicited foreign investors to transfer their pension funds from overseas to make investments based on his advice.
He faces the same charges as Robbirt.
The SEC has urged prospective investors to check the credentials of any financial adviser on the licence check section of their website before making any investments.