Kuala Lumpur, 7 August 2009

Former futures broker jailed and fined for falsifying books

The Kuala Lumpur Sessions Court today convicted K. Sivachandran a/l Kuhiappan, 50, under section 87(1)(b)(ii) of the Futures Industry Act 1983 for falsifying books in relation to the business of AOF Futures Sdn Bhd.

As a futures broker representative of AOF Futures Sdn Bhd at the material time, the accused was charged with falsification of the order form and order books by altering the details in the trading futures contracts prepared by AOF Futures. AOF Futures suffered losses of approximately RM200,000 as a result of the falsification. The offence was committed between 9 September and 27 October 1999 at the company’s premise located at 5th Floor, Wisma Eng Choon, 55-59 Jalan Ampang, 50450 Kuala Lumpur

The charge carries a penalty of a fine not exceeding RM1 million or imprisonment for a term not exceeding 10 years or both.

Sessions Court Judge Puan Rozana Binti Mohd Yusoff sentenced Sivachandran to one year imprisonment and a fine of RM30,000 (in default of 6 months imprisonment). She also agreed to stay the jail sentence pending his appeal to the High Court, and increased his bail sum from RM60,000 to RM100,000.