SC fines former unit trust consultant RM2mil for defrauding investor

by Posted on

KUALA LUMPUR: The Securities Commission Malaysia (SC) has reprimanded and imposed a RM2mil fine on a former unit trust consultant for deceiving an investor between November 2012 and November 2019, causing the victim to lose RM1.32mil.

In a statement on Friday (Sept 2), the SC said that as part of the deception and in enticing the victim to invest with him, Harani Kamarudin had, among other things, made false representations as to the nature and characteristics of the investments; and also 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 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 (the) opportunity for him to respond to SC on the aforesaid breaches and SC’s decision,” it said. – Bernama

Published by seanewswire