15 April 2011
SC urges public not to part with monies to unlicensed investment agents
The Securities Commission Malaysia (SC) urges the public not to part with monies to unlicensed investment agents, even if recommended by family members and friends.
In this regard, the SC wishes to remind the public that Uzir bin Abdul Samad, (IC No : 720824-01-5543) and UAS Bistari Management Sdn Bhd (806034-H) are not licensed by the SC to carry out any regulated activity including soliciting monies from the public for investment in securities.
The public is reminded to be wary of investment schemes promising unrealistically high returns. Where such schemes are purportedly linked to licensed intermediaries, investors are advised to verify the legitimacy of such schemes with the licensed intermediary concerned or with the SC.
We would like to remind the public that persons who are not licensed by the SC are not allowed to collect monies from others for investment in a portfolio of securities on their behalf. The public is also advised not to invest in the market through the trading accounts of others, including family members and friends. Individual trading accounts are for personal use of the account holder and may not be used for any third party trades.
Anyone carrying out such activities without the requisite licenses can be prosecuted under the Capital Markets and Services Act 2007 and upon conviction is liable to a fine not exceeding RM10,000,000 or to imprisonment for a term not exceeding 10 years or both.
Members of the public with information or enquiries about investment schemes are advised to contact the SC’s Investor Affairs & Complaints department by email at firstname.lastname@example.org or phone: 03-62048999 immediately. The public is also advised to only deal with companies and individuals licensed by the SC as listed here.
SECURITIES COMMISSION MALAYSIA