Updates on Criminal Prosecution in 2024
No. Nature of Offence Offender(s) Brief Facts of Case Outcome
Criminal Prosecution Initiated – Person(s) Charged
1.

Carrying on a business in a regulated activity, namely fund management, without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Ang Jen Chuen (Dexter)

Dexter was charged with 1 count under section 58(1) read together with section 367(1) of the Capital Markets and Services Act 2007. The charge was in relation to an offence committed by Pixelvest Sdn. Bhd. (Pixelvest)  between 15 December 2020 and 15 July 2022 for carrying on a business in fund management without holding a CMSL or being a registered person.

Dexter was deemed to have committed the offence by virtue of his position as director of Pixelvest at the material time.

Dexter was charged in the Kuala Lumpur Sessions Court on 26 February 2024.

2.

Carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Chin Wai Lan (Sophia)

Sophia was charged with 1 count under section 58(1) read together with section 367(1) of the Capital Markets and Services Act 2007. The charge was in relation to an offence committed by Pixelvest Sdn. Bhd. (Pixelvest)  between 15 July 2022 and 31 August 2022 for carrying on a business in fund management without holding a CMSL or being a registered person.

Sophia was deemed to have committed the offence by virtue of her position as director of Pixelvest at the material time.

Sophia was charged in the Kuala Lumpur Sessions Court on 26 February 2024.

3.

Acting in furtherance of carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Syaiful Riezal bin Ahmad (Syaiful)

Syaiful was charged with 2 counts under section 58(1) read together with sections 370(b) and 367(1) of the Capital Markets and Services Act 2007. The charges were in relation to 2 offences committed by Infinity Trustee Berhad (ITB) between 1 December 2020 and 11 October 2022 for acting in furtherance of Pixelvest Sdn. Bhd. (Pixelvest) carrying on a business in fund management without holding a CMSL or being a registered person. 

Syaiful was deemed to have committed the offence by virtue of his position as Chief Executive Officer (CEO) of Pixelvest at the material time.

Syaiful was charged in the Kuala Lumpur Sessions Court on 26 February 2024.

4.

Securities Fraud

Chuah Hock Heng (Peter Chuah)

Peter Chuah was charged with 1 count of securities fraud under section 179(b) of the Capital Markets and Services Act 2007.

He is alleged to have, directly in connection with the purchase of securities, namely in shares of Industronics Berhad, MNC Wireless Berhad, Visdynamics Holdings Berhad and Solution Engineering Holdings Berhad, engaged in an act which operated as a fraud upon an individual by making a false representation to the said individual of a purported investment scheme in shares.

The alleged offence occurred between 28 March 2014 to 30 April 2014.

Peter Chuah was charged in the Kuala Lumpur Sessions Court on 19 February 2024.

5.

Holding out as carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Chuah Hock Heng (Peter Chuah)

Peter Chuah was charged with 2 counts under section 58(1) of the Capital Markets and Services Act 2007 for holding himself out as carrying on a business in a regulated activity namely dealing in securities without holding a CMSL or being a registered person.

 

The alleged offences occurred between February 2014 to April 2014.

 

Peter Chuah was charged in the Kuala Lumpur Sessions Court on 19 February 2024.

6. Holding out as a representative in respect of a regulated activity, namely dealing in securities, without holding a Capital Markets Services Representative’s Licence (CMSRL)

Mohd Arif Fadzlee Bin Mohd Arifin (Arif)

Arif was charged with 1 count under section 59(1) of the Capital Markets and Services Act 2007 for holding himself out as a representative of CIMB Wealth Advisors Berhad in respect of a regulated activity, namely dealing in securities, without holding a CMSRL between February 2011 to April 2011. Arif was charged in the Kuala Lumpur Sessions Court on 23 January 2024.
7. Using the title of ‘Unit Trust Consultant’ without holding a Capital Markets Services Representative’s Licence (CMSRL)

Mohd Arif Fadzlee Bin Mohd Arifin (Arif)

Arif was charged with 1 count under section 362(3) of the Capital Markets and Services Act 2007 for using the title of “Unit Trust Consultant” which created the belief that he was licensed to perform a function in relation to the regulated activity of dealing in securities when he did not hold a CMSRL in or around 2011.

Arif was charged in the Kuala Lumpur Sessions Court on 23 January 2024.
8. Money Laundering Ang Jen Chuen (Dexter)

Dexter was charged with 8 counts of money laundering under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (AMLATFPUAA) for receiving proceeds of unlawful activity between December 2020 and January 2023.

Dexter was charged in the Kuala Lumpur Sessions Court on 10 January 2024
9. Money Laundering Syaiful Riezal bin Ahmad (Syaiful) Syaiful was charged with 3 counts of money laundering under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (AMLATFPUAA) for receiving proceeds of unlawful activity between February 2021 and June 2022. Syaiful was charged in the Kuala Lumpur Sessions Court on 10 January 2024
10. Money Laundering Chin Wai Lan (Sophia) Sophia was charged with 17 counts of money laundering under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (AMLATFPUAA) for receiving proceeds of unlawful activity between December 2020 and October 2022. Sophia was charged in the Kuala Lumpur Sessions Court on 11 January 2024.
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