Malaysia: Former Trust Consultant Jailed for Securities Fraud

The former consultant promised investors guaranteed returns but used the monies they paid for share trading in her personal account.

A Kuala Lumpur Court has convicted a former trust consultant for defrauding four individuals and sentenced her to six months imprisonment and a MYR 4 million (USD 937,000) fine.

The former consultant, 49-year-old Afkariah Md Norani, was charged by Malaysia’s SC (Securities Commission) in February for offences under the Capital Markets and Services Act 2007.

Afkariah is said to have defrauded the four individuals of a total MYR 50,000 between August 2015 and November 2016, by convincing them to invest in a scheme which was purportedly guaranteed by RHB Investment Bank and promised monthly dividend payments of 2 to 3 percent.

The SC said the investment scheme never actually existed and the monies paid by the investors were deposited into Afkariah’s share trading account at RHB for her use in personal share transactions.

 

To Top