SC Charges Ex-Bank Analyst with Unlicensed Capital Market Activities

Accused also charged with misusing title of “unit trust consultant”


Kuala Lumpur, 24 January 2024

The Securities Commission Malaysia (SC) charged Mohd Arif Fadzlee bin Mohd Arifin (Arif), a former bank analyst and business owner, yesterday with two offences relating to unlicensed capital market activities and the misuse of the ‘unit trust consultant’ title.

For the first charge, Arif was charged under section 59(1) of the Capital Markets and Services Act 2007 (CMSA) for holding himself out as a representative of CIMB Wealth Advisors Berhad in dealing in securities without a licence. If convicted, this offence carries a maximum fine of RM5 million or imprisonment for up to five years, or both.

Arif was also charged under section 362(3) of the CMSA for using the title ‘unit trust consultant’, which created the belief that he was licensed to deal in securities when he in fact was not. This offence carries a maximum fine of RM1 million or imprisonment not exceeding five years, or both, if convicted.

The alleged offences took place in 2011 in Petaling Jaya and Nilai.

Arif claimed trial to both charges in separate courts. Kuala Lumpur Sessions Court judge Datin Sabariah binti Othman granted bail at RM30,000 with one surety for the charge under section 59(1) CMSA. In addition, he was also ordered to surrender his passport to the court and to report to the SC on a monthly basis until the completion of the trial.

As for the charge under section 362(3) CMSA, Kuala Lumpur Sessions Court judge Tuan Azrul bin Darus similarly imposed bail of RM30,000 but with two sureties. Arif was also ordered to surrender his passport to the court and to report to the SC on a monthly basis.

Dealing in securities is a regulated activity as set out in Schedule 2 of the CMSA and any person carrying out this activity is required to be licensed by the SC.

The SC advises investors to be cautious when considering investment opportunities. The SC’s Investor Alert List is constantly updated to help the public identify unauthorised/ unlicensed platforms, companies or individuals.

Further queries can be made to the SC’s Consumer and Investor Office at 03-6204 8999 or e-mail: [email protected].


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