KUALA LUMPUR: The Securities Commission (SC) has charged Muhamad Fadzli Jamaludin, a former director of Kyaputen Sdn Bhd, for three offences related to unlicenced capital market activities.
Fadzli, 33, was charged at Kuala Lumpur Criminal Sessions Court this morning, for offering fund management without a licence.
This is an offence under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) which carries a maximum fine of RM10 million or imprisonment for a term not exceeding 10 years, or both.
Fund management is a regulated activity as set out in Schedule 2 of the CMSA and any person carrying out this activity is required to be licenced by the SC.
Between November 2018 and April 2020, the alleged acts occurred in Melaka and Kuala Lumpur.
Fadzli demanded a trial on each of the three counts.
Judge Datin Sabariah Othman of the Sessions Court set bail for all three accusations at RM80,000 with a single surety.
Furthermore, he was mandated to turn in his passport to the court and report monthly to the SC until the trial was over.
When evaluating investment offers, investors are advised by the SC to use caution.