As part of his deception and towards enticing the victim to invest with him, Harani had, amongst others, made false representations as to the nature and characteristics of the investments as well as guaranteed certain investment results and returns to the victim, which did not materialise.

Arising from his conduct and actions, he had contravened Section 354(1)(b)(iii) of the Capital Markets and Services Act 2007 (CMSA) read together with provisions of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds).

The SC’s finding of breaches and sanctions on Harani was made after according due process to him including opportunity for him to respond to SC on the aforesaid breaches and SC’s decision.