KUALA LUMPUR — A former bank analyst was sentenced to three years’ imprisonment by the Sessions Court here today after being found guilty of dealing in securities without a licence and unlawfully using the title of Unit Trust Consultant (UTC).
The Securities Commission Malaysia (SC) said Mohd Arif Fadzlee Mohd Arifin was convicted on two charges under Sections 59(1) and 362(3) of the Capital Markets and Services Act 2007 (CMSA).
It said the court imposed a three-year jail term for each offence, with both sentences to run concurrently.
According to the SC, Mohd Arif was charged on Jan 23, 2024, for holding himself out as a representative of CIMB Wealth Advisors Bhd in relation to the regulated activity of dealing in securities despite not holding a Capital Markets Services Representative’s Licence (CMSRL) issued by the SC or being a registered person.
He was also charged with unlawfully using the UTC title, creating the impression that he was licensed to deal in securities when he was not. The offences were committed in Petaling Jaya and Nilai in 2011.
During the trial, the prosecution called 10 witnesses, including two victims. On Feb 27 this year, Sessions Court Judge Hamidah Mohamed Deril ruled that the prosecution had established a prima facie case and ordered Mohd Arif to enter his defence.
Mohd Arif chose to testify under oath and did not call any other witnesses.
In delivering the judgment today, the court found that he had failed to raise a reasonable doubt in the prosecution’s case before convicting and sentencing him.
Under Section 59(1) of the CMSA, an offender is liable to a fine of up to RM5 million or imprisonment of up to five years, or both.
Meanwhile, a conviction under Section 362(3) carries a fine of up to RM1 million or imprisonment of up to five years, or both.
The SC was represented by Deputy Public Prosecutor Annarina Chacko Jacob and prosecuting officers Mohd Shafiq Azman, Eunice Ong and Sharifah Noor Effah Syed Ahmad Fuad, while Mohd Arif was represented by defence counsel Mohamad Salihen Mastor.
The commission reminded investors to deal only with individuals and entities licensed by the SC for regulated capital market activities and urged the public to verify investment offers through its Investment Checker before making investment decisions.
