Kuala Lumpur, 9 August 2012
Illegal futures trading: SC recovers RM2.3 million from seven individuals

The Securities Commission Malaysia (SC) has successfully obtained a judgement in the High Court here on Wednesday that saw seven individuals involved in illegal futures trading activities agreeing to settle a sum of more than RM2.3 million, the amount that they had solicited from members of the public and which was claimed by the SC against them.

High Court judge Justice Dato’ Mary Lim Thiam Suan ordered that all amounts recovered by the SC to be applied at its discretion to restitute investors. The defendants were ordered to pay costs to the SC.

The consent judgement was recorded after the case had proceeded to trial and nine witnesses had testified including seven members of the public.

The SC had in April 2011 instituted an action against Ahmad Nazmi Mohamed, Mohd Shahrul Firdaus Zakaria, Mohd Khalid Sujud, Fakhrul Arif Ahmad Husni, Fakhrul Mukmin Ahmad Husni, Fakhrul Razi Ahmad Husni and Ahmad Fauzi Ambran for breach of the securities laws relating to licensing of regulated activities. In the action, the SC had sued the seven for soliciting monies from members of the public, purportedly to trade in futures contracts when in fact these individuals were not licensed by the SC to do so.

The SC has been proactively carrying out enforcement against unlicensed activities and will continue take the necessary action to maintain a fair and orderly capital market. Investors are, at the same time, urged to be vigilant in making investments and should conduct the necessary enquiries before parting with their monies.