Pixelvest fined RM3M, director jailed for unlicensed fund management and money laundering

THE Sessions Court has fined Pixelvest Sdn Bhd RM3 million and sentenced its director, Ang Jen Chuen (also known as Dexter Ang), to three years’ imprisonment for operating an unlicensed fund management business. The sentence comes in addition to separate money laundering convictions handed down last month.

The company, represented in court by Ang, pleaded guilty to operating without a licence under section 58(1) of the Capital Markets and Services Act 2007 (CMSA). The fine was imposed by Judge Puan Siti Shakirah Dato’ Wira Mohtarudin.

Ang also admitted to a similar offence under the CMSA in his capacity as director and was sentenced to three years’ imprisonment, effective from his date of arrest on 10 January 2024.

This conviction follows a separate case on 28 July 2025 in which Ang pleaded guilty to eight charges of receiving proceeds from unlawful activity under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).

Judge Puan Norma Ismail had sentenced him to three years’ imprisonment for each offence, to run concurrently from the same date of arrest.

The offences occurred between December 2020 and January 2023 in Kuala Lumpur and Selangor.

Ang was first charged by the Securities Commission Malaysia (SC) in January 2024 for the money laundering offences, followed by charges for unlicensed capital market activity in February. Pixelvest was charged in May. Both initially denied the charges before entering guilty pleas this year.

The SC, in a statement on Monday, stressed that fund management is a regulated activity under the CMSA and warned the public against engaging with unlicensed firms.

“The SC views unlicensed activities seriously and remains committed to investor protection by taking enforcement actions against those who contravene the law,” it said.

Investors have been advised to consult the SC’s Investor Alert List, which is continuously updated to help identify individuals and entities suspected of conducting unauthorised or fraudulent capital market activities. - August 4, 2025