The SC recently received complaints that several investors had lost their money as a result of dealing with an unlicensed person, who in these instances claimed to be an experienced remisier.

Based on the complaints, the bogus remisier convinced the victims by producing a name card with an ambiguous name, and bearing the name and logo of a licensed and legitimate securities company.

The bogus remisier then persuaded the investor to part with his/her money in exchange for a certain volume of initial public offering shares. Although the payment for the shares was made out in favour of the licensed company, the money was deposited into an account belonging to an individual in the company associated who had links with the bogus remisier. The money was thereafter withdrawn from the bogus remisier's account.

Investors can learn more about sound investing tips and practices at the Malaysian Investor website at www.min.com.my.