The facts of the case show that Ismail had defrauded KOPRO by representing himself as a remisier at PM Securities Sdn Bhd (PM Securities), when in fact Ismail was never licensed by the SC as a Dealer’s Representative. He further misled KOPRO that he had opened a share trading account under KOPRO’s name at PM Securities and to which a total of RM350,000 was collected by him from KOPRO to purportedly purchase Proton Holdings Berhad (Proton) shares.

In committing the fraud, Ismail had given KOPRO fictitious statement of accounts and contract notes to give a false impression to KOPRO that the monies were used for the purchase of Proton shares, when in fact there were no such transactions. Ismail admitted that such monies were instead deposited into a share trading account controlled by him and in which he had conducted share trades and made withdrawals for his own benefit.

SECURITIES COMMISSION MALAYSIA