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.
