Tuesday, 16 July 2024
The Securities Commission Malaysia charges former unit trust consultant for deceiving investors
The Securities Commission Malaysia (SC) charged a former unit trust consultant Afkariah binti Md Norani for using monies received 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 $12,088 (MYR 50,000 ) between August 2015 and November 2016.
She 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 $241, 779 (MYR 1 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. The monies deposited by investors were then used for share transactions in her own account at RHBIBB.
The Sessions Court allowed bail at $14,506 (MYR 60,000) 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.
Re-disseminated by The Asian Banker
