3 brothers charged with 8 counts of unlicensed capital market activities

 Anuar, Amin and Amir Hassan claim trial to the same offence allegedly committed in Kuala Lumpur, Putrajaya, Selangor and Johor between March and October 2019.

The Securities Commission of Malaysia said dealing in securities is a regulated activity under the Capital Markets and Services Act.

PETALING JAYA:

Three brothers were charged in the Kuala Lumpur sessions court today with operating a business that dealt in securities without a valid Securities Commission of Malaysia capital markets services licence.

The SC said Anuar, Amin and Amir Hassan were charged in separate courts, but were also jointly charged in several cases.

In total, the brothers were slapped with eight charges of the same offence, allegedly committed between March 2019 and October 2019 in Kuala Lumpur, Putrajaya, Selangor and Johor, it said in a statement.

They claimed trial before judges Norma Ismail, Azrul Darus and Surita Budin.

The charges were filed under Section 58(1) of the Capital Markets and Services Act, which provides for a maximum RM10 million fine, up to 10 years in prison, or both, upon conviction.

They were granted bail ranging between RM20,000 and RM30,000 and ordered to surrender their passports and report to the SC every month.

“Dealing in securities is a regulated activity under Schedule 2 of the Capital Markets and Services Act, and any person carrying out this regulated activity must be licensed by the SC,” the commission said.

“The SC reminds investors to exercise caution before parting with their money and when considering investment opportunities.” - FMT