Malaysia

Ex-bank analyst sentenced to 3 years jail for unlicensed securities dealings and misusing UTC title

Mohd Arif is accused of unlawfully using the Unit Trust Consultant (UTC) title to create the impression that he was authorised to provide investment services

Updated 1 month ago · Published on 23 Jul 2026 5:28PM

Ex-bank analyst sentenced to 3 years jail for unlicensed securities dealings and misusing UTC title
A former bank analyst receives a 3-year prison sentence after the Kuala Lumpur Sessions Court found him guilty of carrying out regulated securities activities without a licence - July 23, 2026

A FORMER bank analyst has been sentenced to three years’ imprisonment after being convicted of conducting regulated securities activities without a licence and misusing the Unit Trust Consultant (UTC) title, the Securities Commission Malaysia (SC) said.

The Kuala Lumpur Sessions Court today sentenced Mohd Arif Fadzlee Mohd Arifin, known as Arif, after finding him guilty of two offences under Sections 59(1) and 362(3) of the Capital Markets and Services Act 2007 (CMSA).

The SC had charged Arif on 23 January 2024 for holding himself out as a representative of CIMB Wealth Advisors Berhad in relation to dealing in securities despite not possessing a Capital Markets Services Representative’s Licence (CMSRL) issued by the SC or being a registered person.

Dealing in securities is classified as a regulated activity under Schedule 2 of the CMSA, requiring individuals carrying out such activities to be licensed by the SC.

Arif was also charged with misusing the UTC title, which allegedly created the impression that he was authorised to conduct securities dealings despite not being licensed to do so.

The offences took place in Petaling Jaya and Nilai in 2011.

Arif claimed trial to both charges and was granted bail of RM60,000. During the trial, the prosecution called 10 witnesses, including two victims.

On 27 February 2026, Sessions Court Judge Puan Hamidah Mohamed Deril ruled that the prosecution had established a prima facie case and ordered Arif to enter his defence on both charges.

Arif testified under oath in his defence but did not call any additional witnesses.

In delivering the verdict, the court found that Arif had failed to raise reasonable doubt against the prosecution’s case and subsequently convicted him on both charges.

He was sentenced to three years’ imprisonment for each offence, with both sentences to run concurrently.

Under Section 59(1) of the CMSA, individuals convicted of carrying out regulated activities without a licence may face a fine of up to RM5 million, imprisonment of up to five years, or both.

Separately, those convicted under Section 362(3) of the CMSA may face a fine of up to RM1 million, imprisonment of up to five years, or both.

The SC was represented by Deputy Public Prosecutor Annarina Chacko Jacob and prosecuting officers Mohd Shafiq Azman, Eunice Ong and Sharifah Noor Effah Syed Ahmad Fuad.

Arif was represented by defence counsel Mohamad Salihen Mastor.

The SC reminded investors to only engage with individuals and entities licensed by the regulator when dealing with regulated activities such as securities transactions.

Investors were also advised to exercise caution when considering investment offers, particularly those promising unusually high returns, and to verify the legitimacy of individuals or companies through the SC’s Investment Checker. - July 23, 2026

Spotlight

Malaysia

Penang CM defends move by housing board, says enforcement is last resort

By Ian McIntyre

World

Anak Krakatau’s six eruptions recorded

Malaysia

Delivery rider's compassion turns RM14.50 meal into wave of public generosity

Malaysia

Sanusi’s gambling stance puts PAS manifesto under scrutiny

By Alfian Z.M. Tahir

Malaysia

Zahid’s game plan is opening up

Malaysia

Chew Jetty fire: Business owners lose everything in the blink of an eye

By Ian McIntyre

Malaysia

SMART Team leaves for Nepal today as search for 55 Malaysians continues

Diary

Mother Teresa - one of the foremost humanitarian figures of the 20th century died today, 29 years ago

You may be interested

Malaysia

Zahid’s game plan is opening up

Malaysia

Electoral momentum, political pressure may be behind Zahid’s push for early polls, says analyst

By Alfian Z.M. Tahir

Malaysia

SMART Team leaves for Nepal today as search for 55 Malaysians continues

Malaysia

Chew Jetty fire: Business owners lose everything in the blink of an eye

By Ian McIntyre

Malaysia

Zahid: No PM candidate talks until parliament dissolved

Malaysia

Businesswoman remanded seven days over alleged RM30k bribe

Malaysia

Malaysia ready to send DNA experts to Nepal to identify flood victims

Malaysia

Jokowi calls for strong, people-centred leadership to navigate global uncertainty

By Ian McIntyre