KUALA LUMPUR: The Securities Commission (SC) has charged former investment banker Charles Chua for deceiving seven investors with total losses amounting to nearly RM1.67 million between July 2017 and May 2019.
Chua, who was a vice president of debt markets at Hong Leong Investment Bank Bhd, had represented to the victims that they were investing in purported investment schemes involving subscription of securities although such schemes did not exist.
"Chua was brought today to two separate sessions court in Melaka to face 13 charges under subsection 179(b) of the Capital Markets and Services Act 2007 (CMSA).
"The punishment for conviction of an offence under this subsection is an imprisonment term not exceeding 10 years and a fine of not less than RM1 million for each charge," the SC said in a statement.
Chua claimed trial to all the charges against him.
Sessions court judge Nariman Badruddin granted bail at RM300,000 with two sureties while in another court, sessions court judge Maziah Joary Mohd Tajudin granted bail at RM280,000 also with two sureties.
Additionally, both courts ordered the accused to report to the SC's investigating officer on a monthly basis.
Charles had previously faced four charges on June 16 at two Kuala Lumpur sessions courts relating to similar offences. He claimed trial to those charges.
"The SC continues to remind investors to exercise caution before parting with their monies and when considering investment opportunities.
"Investors are advised to refer to the SC's Investor Alert List for a list of unauthorised websites/platforms, investment products, companies and individuals," added the regulator.