KUALA LUMPUR: The Securities Commission has charged a former bank analyst and business owner with two offences related to unlicensed capital market activities and the misuse of the "unit trust consultant" title.
In a statement, the regulator said it charged Mohd Arif Fadzlee Mohd Arifin under section 59(1) of the Capital Markets and Services Act 2007 for holding himself out as a representative of CIMB Wealth
Advisors Bhd in dealing in securities without a licence.
If convicted, this offence carries a maximum fine of RM5mil or imprisonment for up to five years, or both.
Arif was also charged under section 362(3) of the CMSA for using the title "unit trust consultant", which created the belief that he was licensed to deal in securities when he in fact was not.
This offence carries a maximum fine of RM1mil or imprisonment not exceeding five years, or both, if convicted.
The alleged offences took place in 2011 in Petaling Jaya and Nilai.
Arif claimed trial to both charges in separate courts.
Kuala Lumpur Sessions Court judge Datin Sabariah Othman granted bail at RM30,000 with one surety for the charge under section 59(1) CMSA.
In addition, Arif was also ordered to surrender his passport to the court and to report to the SC on a monthly basis until the completion of the trial.
As for the charge under section 362(3) CMSA, Kuala Lumpur Sessions Court judge Tuan Azrul Darus similarly imposed bail of RM30,000 but with two sureties.
Arif was also ordered to surrender his passport to the court and to report to the SC on a monthly basis.
Dealing in securities is a regulated activity as set out in Schedule 2 of the CMSA and any person carrying out this activity is required to be licensed by the SC.
The regulator advises investors to be cautious when considering investment opportunities.
The SC’s Investor Alert List is constantly updated to help the public identify unauthorised/ unlicensed platforms, companies or individuals.
