April 16, 2024

New Malaysia Times

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SC fines former unit trust consultant RM2 million for defrauding investor

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KUALA LUMPUR, Sept 2 — The Securities Commission Malaysia (SC) has reprimanded and imposed a RM2 million fine against former unit trust consultant Harani Kamarudin for deceiving an investor between November 2012 and November 2019, causing the victim to lose RM1.32 million.

In a statement today, the SC said as part of his deception and towards enticing the victim to invest with him, Harani had, among others, made false representations as to the nature and characteristics of the investments as well as guaranteed certain investment results and returns to the victim, which did not materialise.

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“Arising from his conduct and actions, he had contravened Section 354(1)(b)(iii) of the Capital Markets and Services Act 2007 (CMSA) read together with provisions of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds).”

“The SC’s finding of breaches and sanctions on Harani was made after according due process to him, including opportunity for him to respond to SC on the aforesaid breaches and SC’s decision,” it said.

NMT as reported by Bernama