KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded and fined four dealer’s representatives a total of RM230,000 for various misconducts and breaches.
Bursa Securities said in a statement on Tuesday that the breaches by Ahmad Zahril Mohd Yusof@Yusof Omar, Aizuddin Sidek, Mohammad Nizam Mat Hussain and Masharumi Md Kassim were related to misapplication of client’s monies, unauthorised trades undertaken in the accounts of clients and sharing of user IDs and passwords.
Several clients’ accounts were identified and/or used/allowed to be used to undertake deposits of substantial sums of monies, which were paid or deposited by a Kenanga Investment Bank Bhd
(KIBB) client into the KIBB trust account. The monies were wrongly applied to or paid for the benefits of other clients, who were not entitled to the said monies.
The accounts were used or allowed to be used to undertake trades for the third party(ies).
Ahmad Zahril, Aizuddin, and Nizam were fined RM100,000, RM50,000 and RM40,000 respectively and were ordered to be struck off as registered persons of Bursa Securities (if they still were).
Masharumi, who revealed her ID and password to her assistant Nizam and failed to supervise and monitor properly his activities, was fined RM40,000 and was suspended/restricted from being a registered person of Bursa Securities for three months. She is also required to undergo training on conduct or professionalism of dealer’s representatives/market offences.
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