SC charges unlicensed futures trader for defrauding investors

KUALA LUMPUR: The Securities Commission (SC) has charged Mohd Azhidi Laili for breaching various provisions under securities laws for engaging in unlicensed activities and deceiving nine investors of approximately RM1.45mil of their monies between May 2013 and March 2014.

In a statement, SC said Azhidi represented to the nine victims that they were investing in a futures crude palm oil investment scheme under AmFutures Sdn Bhd, when in fact such scheme did not exist in AmFutures Sdn Bhd.

In July 2021, the SC obtained a warrant of arrest against Azhidi when all SC’s attempts to locate him since 2015 failed.

Azhidi was arrested on Feb 12, 2022. He was brought to the Kuala Lumpur Sessions Court this morning to face nine charges under subsection 206(b) of the Capital Markets and Services Act 2007 (CMSA).

If found guilty, he faces an imprisonment term of not exceeding 10 years and a fine of not less than RM1mil.

In addition, the SC also charged Azhidi for holding out as a representative of AmFutures Sdn Bhd without a Capital Markets Services Representative's Licence, an offence under subsection 59(1) of the CMSA.

The offence is punishable with an imprisonment term not exceeding five years or a fine not exceeding RM5mil, or both.

Azhidi also faced another charge under subsection 134(5)(a) of the Securities Commission Malaysia Act 1993 for failing to comply with SC’s Notice to appear before the SC’s Investigating Officer on Feb 13, 2018.

If convicted, the accused faces an imprisonment term of not exceeding five years or a fine of not exceeding RM1mil.

The Sessions Court judge Kamarudin Kamsun granted bail at RM250,000 with two sureties.

In addition, the accused was ordered to surrender his passport to the court and required to report to the SC’s investigating officer on a monthly basis until the completion of the trial.

“The SC reminds investors to exercise caution when considering investment opportunities through various anti-scam awareness campaigns,” it said.