KUALA LUMPUR: The Securities Commission Malaysia (SC) has charged Mohd Arif Fadzlee Mohd Arifin, a former bank analyst and business owner, with two offences relating to unlicensed capital market activities and the misuse of the 'unit trust consultant' title.
He was charged yesterday.
For the first charge, Arif was charged under section 59(1) of the Capital Markets and Services Act 2007 (CMSA) for posing as a representative of CIMB Wealth Advisors Bhd and dealing in securities without a licence.
If convicted, this offence carries a maximum fine of RM5 million 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 impression that he was licensed to deal in securities when he in fact was not.
This offence carries a maximum fine of RM1 million 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, he 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 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 under CMSA and requires a license by the SC.
The SC 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.