PETALING JAYA: The Kuala Lumpur Sessions Court has sentenced former bank analyst Mohd Arif Fadzlee Mohd Arifin to three years imprisonment after finding him guilty of unlicensed regulated activities and the unlawful use of the Unit Trust Consultant (UTC) title.
Mohd Arif was originally charged by the Securities Commission Malaysia (SC) on Jan 23, 2024 with two charges for offences under section 59(1) and 362(3) of the Capital Markets and Services Act 2007 (CMSA).
“For the first charge under section 59(1), Mohd Arif was charged for holding himself out as a representative of CIMB Wealth Advisors Berhad in relation to the regulated activity of dealing in securities, despite not holding a Capital Markets Services Representative’s Licence (CMSRL) from the SC nor being a registered person.
“Dealing in securities is a regulated activity as set out in Schedule 2 of the CMSA and any person carrying out this activity is required to be licensed by the SC,” said the SC in a statement.
For the second charge under section 362(3), the SC said Mohd Arif was charged for misusing the UTC title which created the belief that he was licensed to deal in securities which he was not.
“The offences took place in Petaling Jaya and Nilai in 2011. Mohd Arif claimed trial to both charges and was released on bail of RM60,000.
At the trial, the prosecution called 10 witnesses, including two victims. On Feb 27, 2026, the Sessions Court ruled that the prosecution had successfully proven a prima facie case and ordered Arif to enter his defence on both charges.
Mohd Arif elected to testify under oath and called no other witnesses in support of his defence.
In delivering its decision today, the court found that Mohd Arif had failed to raise a reasonable doubt in the prosecution’s case.
He was subsequently convicted and sentenced to three years imprisonment for each charge, with both jail terms to run concurrently.
A person who is convicted under section 59(1) of the CMSA is liable to a fine not exceeding RM5mil or imprisonment for a term not exceeding five years, or both.
Separately, for an offence under section 362(3) of the CMSA, a person shall, on conviction, be liable to a fine not exceeding RM1 million or imprisonment not exceeding five years, or both.
