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SC issues cease-and-desist order to seven unlicensed operators

KUALA LUMPUR (March 22): The Securities Commission Malaysia (SC) has directed seven operators, comprising entities and related individuals, to cease and desist from undertaking activities in relation to unlicensed investment advice.

The regulator said the cease-and-desist orders were issued following the SC’s findings that the operators had been carrying out the business of advising others concerning securities or derivatives, including providing stock recommendations upon payment of a fee.

“These activities were usually carried out in subscription-based private chat groups on Telegram, WhatsApp or Facebook,” it said in a statement today.

According to the SC, providing investment advice is a regulated activity that requires a licence under the Capital Markets and Services Act 2007 (CMSA).

“Any person carrying on a business of giving investment advice without a licence has commited an offence under the CMSA, which is punishable with a fine not exceeding RM10 million or imprisonment not exceeding 10 years or both," it said.

The seven unlicensed operators and advisers are: Don Trader/DT Academy Sdn Bhd; Engineer Saham/Ergonamos Marketing — Mohd Faizal Bin Raihan; Felix Consulting; Lifestyle Trading Masterclass/LTM Tech — Jeremy Looi Chee Keong; One Stock Centre/Stock Advisor/The SuperInvestor/SA Expert Consultancy — Logeswaran Balasubramaniam; Serikandi Saham/Thoriq Legacy Sdn Bhd — Fatin Fatini Ismad; and Teknik Saham — Fazlisyam Md Isa.

Meanwhile, the SC also warned operators of other online webinars, seminars, social media and messaging application chat rooms to cease carrying out unlicensed investment advice activities.

“The SC is monitoring this closely and will, where appropriate, take action against those who breach securities laws,” it said.

It also urged the public to report to the SC if they had been approached by unlicensed persons offering capital investment advice at [email protected] or call +603 6204 8999.

“While the SC carries out proactive Internet surveillance to stem illegal capital market activities perpetrated through social media, the public are also reminded to be vigilant and be cautious of the risk of participating in any investment schemes as they could be subject to fraud or used as part of a market manipulation scheme,” it said.

The SC said investors should verify the licence or registration of individuals, companies and platforms offering capital market services or products before making any investment decisions.

“This includes the provision of investment advice,” it said.

It added that checks can be done through the SC’s website via the Public Register of Licence Holders at www.sc.com.my/licensedregistered-persons and the List of Registered Recognised Market Operators at www.sc.com.my/rmo.

http://www.theedgemarkets.com/article/sc-issues-ceaseanddesist-order-seven-unlicensed-operators

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