KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded five former unit trust scheme (UTS) consultants for their misconduct/breaches of FIMM’s consolidated rules.
In a statement today, FIMM said the consultants were Cheu Kar Wai, Muhamad Khairulanuar Yusoof, Krisnan Kanniappen, Fadli Adha Abu Bakar and Muhammad Afif Ajmal Safaruan.
"These public reprimands are imposed to send a strong message that FIMM will take action against those who fail to comply with any rules issued by FIMM.
"This is to deter UTS and/or private retirement scheme (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," it said today.
Public Mutual Bhd UTS consultants Cheu and Muhamad Khairulanuar were reprimanded for submitting falsified academic certificates in their applications when registering as UTS consultants with the distributor.
Krisnan was reprimanded for forging the signatures of three investors on Public Mutual’s investment documents. Fadli Adha was reprimanded for accepting and misappropriating RM5,500 and for providing falsified documents to the investor. Both were Public Mutual Bhd UTS consultants at the material time.
Muhammad Afif Ajmal, also Public Mutual Bhd’s UTS consultant at the material time, and subsequently, attached to Kenanga Investors Bhd, was reprimanded for requesting an investor to pre-sign and/or pre-thumbprint investment documents and submitting them without the investor’s authorisation involving investments totalling RM162,000. He also falsified documents to apply for financing, loans and/or credit facilities.
FIMM detected Cheu’s misconduct, while current/former distributors detected those of Krisnan, Fadli and Afif. An investor notified Khairulanuar’s misconduct, the statement said. - Bernama
