KUALA LUMPUR: The Securities Commission Malaysia (SC) has charged a former unit trust consultant Afkariah Md Norani yesterday for using investors monies to trade in her personal share trading account.
Afkariah, who is also known as Dr Afkar Norani, was charged with deceiving four individuals of their investments amounting to RM50,000 between August 2015 and November 2016.
Afkariah was brought to the Kuala Lumpur Sessions Court this morning to face four charges under subsection 179(b) of the Capital Markets & Services Act 2007 (CMSA).
If found guilty, she faces an imprisonment term of not more than 10 years and a fine of not less than RM1 million.
Afkariah represented to the investors that they are investing into an investment scheme under RHB Investment Bank Bhd (RHBIBB), when in fact such scheme did not exist in RHBIBB.
SC said the monies deposited by investors were then used for share transactions in her own account at RHBIBB.
The Sessions Court allowed bail at RM60,000 with one surety.
Afkariah was also ordered to surrender her passport and report to the SC investigating officer once a month until the completion of the trial.
“The SC would like to remind investors to exercise caution before they part with their monies. Members of the public can refer to the SC’s Investor Alert list for the list of unauthorised websites, products, companies and individuals,” it said.