Lau was charged for offences relating to securities fraud and money laundering.
KUALA LUMPUR: The Securities Commission (SC) charged Lau Min Thung yesterday at the Kuala Lumpur Sessions Court for offences relating to securities fraud and money laundering.
Lau, 43, formerly head of dealing at CIMB Investment Bank, Melaka, was charged with three charges under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA) for defrauding three investors into depositing monies totalling RM808,000 for fictitious bond investments.
“He instead utilised the investors’ monies for purchasing shares in trading accounts belonging to other individuals not connected to the investors. The offence took place between February 2013 and April 2014,” the regulator said in a statement yesterday.
If convicted, Lau faces a jail term not exceeding 10 years and a fine of not less than RM1mil.
Separately, Lau also faced three charges under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (Amlatfa) for engaging in money laundering during the same period.
This offence carries a maximum fine of RM5mil or a jail term not exceeding five years, or both, if convicted.
Lau claimed trial to all six charges in two separate courts and was granted bail at RM200,000 in total.
For the charges under the CMSA, Sessions Court judge Suzana Husin granted bail at RM100,000 with one surety.
The accused was also ordered to surrender his passport to the court and report to the SC’s investigating officer on a monthly basis.
As for the charges under Amlatfa, Sessions Court judge Norma Ismail similarly granted bail at RM100,000 with one surety. The court imposed similar additional bail conditions as the earlier court.
