The Malaysia Securities Commission announced that the Kuala Lumpur Sessions Court convicted Pixelvest Sdn Bhd and its director Ang Jen Chuen (Dexter Ang) for carrying on a fund management business without a licence under section 58(1) of the Capital Markets and Services Act 2007 (CMSA). Pixelvest pleaded guilty and was fined RM3 million, while Ang pleaded guilty and was sentenced to three years’ imprisonment commencing from his arrest on 10 January 2024. Ang was also convicted on 28 July 2025 on eight charges of receiving proceeds of unlawful activity under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), receiving three years’ imprisonment for each offence from 10 January 2024 with the terms ordered to run concurrently. The offences occurred in Kuala Lumpur and Selangor between December 2020 and January 2023; the Securities Commission charged Ang under AMLATFPUAA on 10 January 2024, laid the CMSA charge on 26 February 2024, and charged Pixelvest on 10 May 2024 after both initially claimed trial. The regulator reiterated that fund management requires licensing under the CMSA and reminded investors to check its Investor Alert List for suspicious entities.
Malaysia Securities Commission 2025-08-04
Malaysia Securities Commission secures Kuala Lumpur Sessions Court convictions of Pixelvest and director Dexter Ang for unlicensed fund management with RM3 million fine and three-year imprisonment
The Malaysia Securities Commission announced the conviction of Pixelvest Sdn Bhd and its director, Ang Jen Chuen, for operating a fund management business without a licence under the Capital Markets and Services Act 2007. Pixelvest was fined RM3 million, and Ang received a three-year prison sentence. Ang was also convicted on eight charges of receiving proceeds from unlawful activities under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, with concurrent three-year sentences.