IPOH: The Securities Commission Malaysia (SC) has taken a former unit trust consultant and Private Retirement Scheme (PRS) consultant to court for alleged offences relating to unlicensed capital market activities.
In a statement, it said Henry Tan Soong Yan, 35, was charged in an Ipoh Magistrate's Court on Thursday (Oct 8) under Section 58(1) of the Capital Market and Services Act 2007 (CMSA) for misrepresenting himself as a licensed securities dealer.
He also faces a second charge under Section 59(1) of the Act for claiming to represent Public Bank Berhad in dealing in securities, when he did not have a licence.
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According to the SC, the offence under Section 59(1) was committed between January and September 2021 while the offence under Section 58(1) took place in February 2022, with both offences occurring in Ipoh.
It said Tan claimed trial to both charges before Magistrate Norizan Riduan and was granted bail of RM10,000 with one surety for each charge.
According to the SC, the court also imposed additional bail conditions.
Tan was ordered to surrender his passport and to report to the SC’s investigating officer once every two months pending disposal of the cases.
The court then fixed case mention on Dec 16.
The SC said dealing in securities is a regulated activity and any person carrying it out must be licensed by SC.
It also reminded investors to exercise caution before parting with their money and when considering investment opportunities.
It advised the public to refer to its Investment Checker to verify if an individual or entity is authorised to offer, promote or sell any capital market products and services in Malaysia. – Bernama
