SC: Beware of investment advice/services offered by unlicensed persons on Internet
The Securities Commission (SC) would like to warn the public to be extremely careful when seeking investment advice and services on the Internet as such advice and services may be provided by unlicensed persons illegally.
The investing public must be vigilant when engaging investment services via the Internet and deal only with parties licensed by the SC so that they are accorded the protection provided by the securities laws. The SC encourages the public to visit the Investor Alert section of its website (www.sc.com.my) for other warnings and alerts.
The SC, as part of its surveillance work, has recently identified several websites through which unlicensed persons were offering investment advice and services, targeting Malaysian investors. The SC’s enquiries into the firms operating these websites have led to the closure of some of the sites, listed in Table 1 below.
Websites offering investment advice/services illegally that have been shut down
Some of the common features of websites offering investment advice and services illegally that have been shut down by the SC are listed in Table 2.
Common features of websites providing investment advice/services illegally that have been shut down by the SC
Members of the public who come across any suspicious websites, as well as e-mails or any information on the Internet relating to investment advice and services, may alert the SC at email: NetWatch@seccom.com.my .
The public can ascertain the licensing status of an individual or company in the SC website. If in doubt, investors can contact the Licensing Department of the SC at tel: 03-62048000. Investors are also advised to visit the Malaysian Investor website at www.min.com.my for tips on smart investing.