SC Charges Three Individuals for Unlicensed Capital Market Activities


Kuala Lumpur, 26 February 2024

The Securities Commission Malaysia (SC) today charged three individuals in the Kuala Lumpur Sessions Court with four offences relating to unlicensed capital market activities.

In separate courts today, Chin Wai Lan (Sophia Chin) and Ang Jen Chuen (Dexter Ang) were charged for one offence respectively, under section 58(1) read together with section 367(1) of the Capital Markets and Services Act 2007 (CMSA).

They were each charged for Pixelvest Sdn Bhd’s (Pixelvest) act of carrying on a business in fund management without a licence in their respective capacities as director and former director of Pixelvest.

Separately, Syaiful Riezal Ahmad (Syaiful) was charged for committing two offences under section 58(1) read together with sections 370(b) and 367(1) of the CMSA in his capacity as former Chief Executive Officer (CEO) of Infinity Trustee Berhad (ITB).

The charges related to ITB’s act of transferring funds amounting to RM116,292,904.15 through two accounts to Pixelvest in furtherance of the offence committed by Pixelvest.

Between December 2020 and August 2022, the alleged acts occurred in Petaling Jaya, Selangor. If convicted, they each face a maximum fine of RM10 million or imprisonment for a term not exceeding 10 years, or both. Fund management 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.

All three claimed trial to the charges. Sessions Court judge Datin Sabariah Othman granted bail at RM10,000 with one surety to Dexter Ang while against Syaiful Riezal, the judge granted bail at RM100,000 with two sureties.

Separately, Sessions Court judge Tuan Azrul Darus granted Sophia Chin bail at RM10,000 with one surety. She was also ordered to surrender her passport to the court and to report to the SC on a monthly basis until the completion of the trial.

The three individuals were previously charged by the SC on 10 and 11 January 2024 with charges of receiving proceeds of unlawful activity under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

When evaluating investment offers, investors are advised by the SC to use caution. The public is encouraged to use the SC Investment Checker, a one-stop portal available on the SC’s website - - to verify if an individual and/or entity is authorised by the SC to offer, promote, or sell any capital market products and services in Malaysia.
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