The Thai public prosecutor has formally charged directors of Bangkok-based firms, linked with alleged share trading scams, with breaches of Thai securities trading laws.

If found guilty, the directors, who include Irish and British nationals and an Australian, could face a jail term of up to five years and fines of $11,300 (€12,250.6).

The seven directors, were named as Mr John Kealy, Mr Ronan Murray, Mr Paul Hickey, Mr Scott Fisher, Mr Jason Rich, Mr Adrian Wallis, and Mr Steven Hooper. Tipperary-born Mr Kealy has declared his innocence and has said he will be able to prove his point once he faces court.

Those charged were among more than 100 people arrested in a July 26th raid on the offices of the Brinton Group by Thai, Australian and United States authorities on the alleged share-scam operations.

The Thai authorities allege the firms, through telemarketing, had breached Thai securities trading laws, with further investigations in Australia looking to add fraud to the charges.

The Securities Exchange Commission (SEC), in a statement, said the case would be heard by the Thai Criminal Court.

SEC secretary general, Dr Prasarn Traiatvorakul, said the filing of the charges reflected the "strong resolve" by Thai authorities to enforce legal action against those who breach Thai securities laws.

Dr Prasarn said the SEC was also working with the Australian Securities and Investments Commission (ASIC) to establish contacts with investors who had lost their investments into the alleged racket.

The main targets of the telemarketing operations were Australian and New Zealand investors, being offered easy returns on share sales and initial public offering (IPO) share listings. Officials in Australia say millions of dollars had been forwarded by investors through money transfers to accounts in Hong Kong-based banks, with amounts ranging from $10,000 up to $250,000 - in some cases entire superannuation payouts.

It has emerged also that Thai police will take their investigation to Australia where they will interview victims of the alleged scam.

The Australian Securities and Investments Commission (ASIC) announced on Monday the Royal Thai police would use the trip to Australia to gather facts as to how the so-called Boiler Room scam operated.

"This visit will help provide important information for their investigation into cold-calling operations," said Mr Peter Kell, ASIC's Director of Consumer Protection.