Unlicensed Trader Jailed 20 Years, Fined RM9 Million For Defrauding
In a statement, the Securities Commission Malaysia (SC) said Azhidi, who posed as a licensed futures trader, cheated nine victims of RM1.45 million between May 2013 and March 2014. He pleaded guilty to nine charges under Section 206(b) of the Capital Markets and Services Act 2007 (CMSA) and one charge under Section 59(1) for acting without a licence.
'The outcome reflects the seriousness of the offences and their impact on the capital market,' the SC said, adding that the case underscores the importance of protecting investors from fraudulent schemes.
SC shared that Azhidi received two years' jail and a RM1 million fine for each charge, with prison terms to run concurrently. Failure to pay the fines will result in an additional 27 months in prison.
The commission reminded the public to remain vigilant and verify the legitimacy of any investment offers before committing funds.
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