Securities Commission charges former unit trust consultant for deceiving investors

Court - file pic. // Photo: Pixabay

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By Adrian Lim

KUCHING, Feb 14: The Securities Commission Malaysia (SC) has charged a former unit trust consultant, Afkariah Md Norani, yesterday for using monies received to trade in her personal share trading account.

The capital market regulator said Afkariah, who is also known as Dr Afkar Norani, was charged with deceiving four individuals of their investments amounting to RM50,000, between August 2015 and November 2016.

It revealed that Afkariah was brought to the Kuala Lumpur Sessions Court yesterday morning to face four charges under subsection 179(b) of the Capital Markets and Services Act 2007.

The commission outlined that if Afkariah were found guilty, she could face an imprisonment term of not more than 10 years and a fine of not less than RM1 million.

Meanwhile, the SC explained that Afkariah represented to the investors that they were investing into an investment scheme under RHB Investment Bank Bhd (RHBIBB), when in fact such scheme did not exist in RHBIBB.

It expounded that the monies deposited by investors were then used for share transactions in her own account at RHBIBB.

In the meantime, the SC noted that the sessions court has set the bail at RM60,000 with one surety.

At the same time, the SC outlined that Afkariah was ordered to surrender her passport and report to the SC’s investigating officer once a month until the completion of the trial.

The SC stressed that it would like to remind investors to exercise caution before they part with their monies.

It pointed out that members of the public can refer to the SC’s investor alert list for the list of unauthorised websites, products, companies and individuals.

The commission said members of the public may also contact the SC’s consumers and investor affairs contact number at 03-6204 8999 or send a complain via email to — DayakDaily