Latest news with #AmFuturesSdnBhd
The Sun
5 days ago
- Business
- The Sun
Unlicensed trader jailed 20 years, fined RM9m for FCPO fraud in Malaysia
KUALA LUMPUR: The Sessions Court has sentenced an unlicensed futures trader to 20 years in prison and a RM9 million fine for fraudulent activities. Judge Hamidah Mohamed Deril delivered the verdict after Mohd Azhidi Laili pleaded guilty to nine charges under the Capital Markets and Services Act 2007. Each charge carried a two-year jail term and a RM1 million fine, with sentences to run concurrently. Failure to pay the fine would result in an additional 27 months of imprisonment after completing the initial sentence. Mohd Azhidi falsely posed as a futures trader between May 2013 and March 2014 in Kuala Lumpur. He deceived nine victims into investing RM1.45 million in a non-existent crude palm oil (FCPO) scheme under AmFutures Sdn Bhd. The court also sentenced him to two years for falsely representing himself as an AmFutures agent without a licence. This sentence will run concurrently with his other jail terms. The Securities Commission initially charged Mohd Azhidi on February 14, 2022, two days after his arrest. He was released on RM250,000 bail but later failed to attend court hearings and monthly reporting sessions. His bail was revoked on May 21, 2024, and he was ordered to serve his sentence from that date. The trial saw 28 prosecution witnesses, including seven victims, testify between February 2023 and March 2025. Mohd Azhidi initially claimed trial but later changed his plea to guilty. The prosecution was led by Deputy Public Prosecutor Mohd Izuddin Mohamad and a team of SC officers. Mohd Azhidi was represented by lawyer Al-Sabri Ahmad Kabri. - Bernama
Barnama
5 days ago
- Business
- Barnama
Unlicensed Futures Trader Jailed 20 Years, Fined RM9 Mln For FCPO Fraud
KUALA LUMPUR, Aug 8 (Bernama) -- The Sessions Court has sentenced an unlicensed futures trader to a total of 20 years imprisonment and a fine of RM9 million for unlicensed activities and derivatives fraud. The Securities Commission of Malaysia (SC), in a statement today, said that Judge Hamidah Mohamed Deril meted out the sentences yesterday after Mohd Azhidi Laili pleaded guilty to nine charges under Section 206(b) of the Capital Markets and Services Act 2007 (CMSA). It said Mohd Azhidi was sentenced to two years imprisonment and a fine of RM1 million in default three months imprisonment for each charge, with the jail terms to run concurrently. "If Mohd Azhidi does not pay the fine, he will face a further imprisonment of 27 months after the completion of his jail term," read the statement. Mohd Azhidi, who had falsely represented himself as a futures trader, committed the offences between May 2013 and March 2014 in Kuala Lumpur. "According to the facts of the case as admitted by Mohd Azhidi, he had deceived nine victims of a total of RM1.45 million for a purported futures crude palm oil (FCPO) investment scheme under AmFutures Sdn Bhd, which did not exist," the commission said. The court also sentenced Mohd Azhidi to two years' imprisonment after he pleaded guilty to a charge under Section 58(1) of the CMSA for holding himself out as a representative of AmFutures Sdn Bhd without being licensed or registered for dealing in derivatives, and ordered the jail term to be served concurrently. Mohd Azhidi was initially charged by the SC on Feb 14, 2022, two days after his arrest, and he claimed trial to all the charges and was released on bail of RM250,000 with two sureties. He was also ordered to surrender his passport and to report to the SC's Investigating Officer once a month. "The trial proceeded from February 2023 to March 2025, after which he decided to change his plea to guilty. 28 prosecution witnesses, including seven victims, testified in court," read the statement.
The Star
5 days ago
- Business
- The Star
Unlicensed futures trader gets 20 years' jail, RM9mil fine for unlicensed trading, fraud
The Securities Commission of Malaysia building in Kuala Lumpur PETALING JAYA: The Kuala Lumpur Sessions Court has sentenced Mohd Azhidi Laili to a total of 20 years imprisonment and a fine of RM9mil for unlicensed activities and derivatives fraud. In a release, the Securities Commission noted Azhidi had falsely represented himself as a futures trader and committed the offences between May 2013 and March 2014. The sentence was passed after Azhidi pleaded guilty yesterday to nine charges under section 206(b) of the Capital Markets and Services Act 2007 (CMSA). According to the facts of the case he had deceived nine victims of a total of RM1.45mil for a purported futures crude palm oil (FCPO) investment scheme under AmFutures Sdn Bhd, which did not exist. He was sentenced to two years imprisonment and a fine of RM1mil in default three months imprisonment, for each charge, with the imprisonment terms to run concurrently. "If Azhidi does not pay the fine, he will face a further imprisonment of 27 months after the completion of his imprisonment term," the release noted. Azhidi also pleaded guilty to one charge under section 59(1) of the CMSA for holding himself out as a representative of AmFutures Sdn Bhd without being licensed nor a registered person for dealing in derivatives, an activity regulated by the SC pursuant to Schedule 2 of the CMSA. The court sentenced him to two years imprisonment for this offence, to be served concurrently with the offences under section 206(b) of the CMSA.
New Straits Times
5 days ago
- Business
- New Straits Times
Futures trader gets 20 years' jail, RM9 million fine for RM1.45m scam
KUALA LUMPUR: A futures trader was sentenced to 20 years in jail and fined RM9 million by the Sessions Court for engaging in unlicensed activities and deceiving nine investors of about RM1.45 million. Judge Hamidah Mohamed Deril handed down the sentence against Mohd Azhidi Laili after he pleaded guilty to nine charges under Section 206(b) of the Capital Markets and Services Act 2007 (CMSA) yesterday. Azhidi was accused of cheating nine victims out of a total of RM1.45 million through a purported futures crude palm oil (FCPO) investment scheme under AmFutures Sdn Bhd, which did not exist. He was sentenced to two years' imprisonment and fined RM1 million, in default three months' jail, for each charge, with the prison terms to run concurrently. The accused was also sentenced to two years' jail after pleading guilty to one charge under Section 59(1) of the CMSA for holding himself out as a representative of AmFutures Sdn Bhd without being licensed or registered to deal in derivatives. Although he was handed a total of 20 years' imprisonment and fined RM9 million, he will serve two years in jail as the sentences are to run concurrently from the date his bail was revoked on May 21, last year. The accused will need to serve an additional 27 months in jail if he fails to pay the fine. In a statement, the Securities Commission (SC) said the accused was charged on Feb 14, 2022, and claimed trial to all offences. He was released on RM250,000 bail with two sureties, ordered to surrender his passport, and required to report to the SC's investigating officer once a month. However, Azhidi's bail was revoked by the court after he failed to appear in court for two case mentions and failed to report to the SC's investigating officer for the monthly reporting. The trial ran from February 2023 to March this year, after which he changed his plea to guilty. A total of 28 prosecution witnesses, including seven victims, testified in court. The SC was represented by deputy public prosecutor Mohd Izuddin Mohamad and prosecuting officers Quek Yiing Huey, Raihana Nadhira Rafidi, Eunice Ong Jo Xing and Mark Rohan Mahadevan. Azhidi was represented by lawyer Al-Sabri Ahmad Kabri. The SC reminded the public to remain vigilant and to verify the legitimacy of any investment offers by using the investment checker available on its official website.
