Securities Commission Malaysia Charges Former Investment Banker for Fraud

The Securities Commission Malaysia has charged a former investment banker, Charles Chua Yi Fuan for deceiving four investors who suffered losses amounting to RM76,000 between February 2018 to April 2018.

Charles, formerly Vice President of Debt Markets at Hong Leong Investment Bank Berhad, had represented to the victims that they were investing in purported investment schemes involving subscription of securities, when in fact such schemes did not exist. Charles was arrested in Malaysia last week with the assistance of the Royal Malaysian Police Force and the International Criminal Police Organization (INTERPOL) after he was deported from Cambodia.

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Following his deportation by the Cambodia authorities, Charles was brought to the Kuala Lumpur Sessions Courts to face four charges under subsection 179(b) of the Capital Markets and Services Act 2007 (CMSA). This offence is punishable with imprisonment for a term not exceeding 10 years and a fine of not less than RM1 million. Sessions Court judge Kamarudin Kamsun granted bail at RM300,000, with one surety.

In addition, the accused was ordered to surrender his passport to the court and is required to report to the SC’s Investigating Officer on a monthly basis. In another court, Sessions Court judge Sabariah Othman granted bail at RM50,000. All other bail conditions are identical.

(Source: Business Today)