KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has issued a public reprimand against a former Unit Trust Scheme (UTS) and Private Retirement Scheme (PRS) consultant for her misconduct/breach of FIMM’s Code of Ethics (FIMM’s Code).
In a statement today, FIMM said Evangeline Rajamani Lazaroo, who was at the material time, a UTS and PRS consultant of Public Mutual Bhd, was found to have breached Paragraphs 4.1(a) and 4.3(c) of FIMM’s Code for misleading an investor into depositing RM40,000 on March 21, 2022, into her UTS investment account, which was meant for the investor’s UTS investment with Public Mutual.
She was also found to have misappropriated the monies.
"The misconduct was detected via notification from her former distributor to FIMM, accordingly,” FIMM said, adding that the decision was imposed after factoring in the various mitigating and aggravating factors applicable to her case.
FIMM has publicly reprimanded Evangeline pursuant to Rule 6.6.1(b)(ii) of the FIMM’s Consolidated
Rules (FCR) and barred her from registration with FIMM for three years, effective July 10, 2025, pursuant to Rule 6.6.1(b)(x) of the FCR.
It added that the public reprimand was imposed to send a strong message that FIMM would take action against those who fail to comply with FIMM’s rules.
"This is to deter UTS and/or PRS consultants from committing any misconduct and to remind them that it is crucial to observe FIMM’s Rules when marketing and distributing UTS and/or PRS in Malaysia to protect the interests of the investing public,” FIMM said. - Bernama
