KUALA LUMPUR, Feb 14 — The Securities Commission Malaysia (SC) today charged an unlicensed futures trader Mohd Azhidi Laili for breaching various provisions under the securities laws.
This included engaging in unlicensed activities and deceiving nine investors of about RM1.45 million between May 2013 and March 2014, it said.
In a statement today, the SC said Azhidi represented to the nine victims that they were investing in a futures crude palm oil investment scheme under AmFutures Sdn Bhd, when in fact such scheme did not exist in the company.
“Azhidi was brought to the Kuala Lumpur Sessions Court this morning to face nine charges under subsection 206(b) of the Capital Markets and Services Act 2007 (CMSA).
“If found guilty, he faces an imprisonment term of not exceeding 10 years and a fine of not less than RM1 million,” it said.
In addition, the SC has also charged Azhidi for holding out as a representative of AmFutures without a capital markets services representative's licence, an offence under subsection 59(1) of the CMSA.
“The offence is punishable with an imprisonment term not exceeding five years or a fine not exceeding RM5 million, or both,” it said.
The SC said Azhidi is also facing another charge under subsection 134(5)(a) of the Securities Commission Malaysia Act 1993 for failing to comply with the SC’s notice to appear before its investigating officer on February 13, 2018.
“If convicted, the accused faces an imprisonment term of not exceeding five years or a fine of not exceeding RM1 million.”
The SC obtained a warrant of arrest against Azhidi in July 2021 when all attempts to locate him since 2015 had failed.
Azhidi was arrested on February 12, 2022.
According to the SC, Sessions Court judge Kamarudin Kamsun granted bail at RM250,000 with two sureties, and the accused was ordered to surrender his passport to the court and required to report to the SC’s investigating officer on a monthly basis until the completion of the trial.
— Bernama
