Kuala Lumpur, 17 December 2008
SC charges director for defrauding FX Capital investors
Seven months of investigation reveal that over 4000 investors have been duped of RM100 million in investment scam
The Securities Commission (SC) today charged Raja Noor Asma Raja Harun, 46, in the Kuala Lumpur Sessions Court for four counts of employing a scheme to defraud investors and for holding out as a futures broker without a licence.
Raja Noor Asma, Director of FX Capital Consultant and FX Consultant, was charged under sections 58 (1) and 206 (a) of the Capital Markets & Services Act 2007 (CMSA), and sections 16 (1) (a) and 83(a) of the Futures Industry Act 1993. She claimed trial to all four charges.
The SC first warned investors on the unlicensed activities of FX Capital Consultant and FX Consultant in May this year. Both Raja Noor Asma and the companies are not licensed under the CMSA to deal in securities, trade in futures contracts, and provide fund management services and investment advice related to securities or futures.
The SC’s investigation, which was completed within seven months since it first alerted investors, indicated that Raja Noor Asma is suspected to have collected up to RM100 million from more than 4000 investors country-wide over a period of 17 months.
Reflecting the severity of the offence and to rein in the rampancy of such cases, the Sessions Court agreed to the Prosecution’s recommendation of RM1 million bail for Raja Noor Asma, with two sureties to put in RM300,000. Additionally, her travel documents are to be surrendered to the Court as condition for bail and she is to report once a month at the Bukit Sentosa police station. The case is scheduled to be heard in early 2010.
Upon conviction, the accused person is liable to imprisonment of not more than ten years and to a fine of not less than RM1 million.
The SC remains committed to protecting investors and upholding public confidence in the capital market, and will continue to take all measures to fight illegal investment activities that threaten investors and the Malaysian capital market. The SC has successfully brought a number of charges against operators of unlicensed investment activities.
Investors are urged to be vigilant and only invest with individuals or companies licensed by the SC. For this purpose, investors can refer here or call SC’s Investor Affairs & Complaints Department at 03-6204 8999.
The SC also welcomes complaints and information from the public about possible scams or illegal schemes, which may be emailed to [email protected] or via telephone 03-6204 8999/8777.