KUALA LUMPUR – A former unit trust consultant has been fined RM2 million by the Securities Commission Malaysia (SC) for deceiving an investor which resulted in a loss of RM1.32 million.
The SC said Harani Kamarudin deceived his victim between November 2012 and November 2019.
“As part of his deception and towards enticing the victim to invest with him, Harani had, amongst 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.
“Arising from his conduct and actions, he had contravened Section 354(1)(b)(iii) of the Capital Markets and Services Act 2007 read together with provisions of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds),” it said in a statement.
The regulator said Harani was accorded due process, including the opportunity to respond to the breaches and decisions made against him. – The Vibes, September 2, 2022
