Latest news with #MohdAzhidi
The Sun
08-08-2025
- 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 His bail was revoked on May 21, 2024, and he was ordered to serve his sentence from that date.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
08-08-2025
- 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.
