Latest news with #MohdAzhidiLaili
BusinessToday
4 days ago
- Business
- BusinessToday
Unlicensed Trader Jailed 20 Years, Fined RM9 Million For Defrauding
The Kuala Lumpur Sessions Court has sentenced Mohd Azhidi Laili to 20 years' imprisonment and a RM9 million fine for unlicensed trading and derivatives fraud involving a fake crude palm oil futures investment scheme. 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.
The Star
4 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.
