The Malaysia Securities Commission said the Kuala Lumpur Sessions Court sentenced former bank analyst Mohd Arif Fadzlee bin Mohd Arifin to three years' imprisonment after convicting him of carrying out regulated activity without a licence and unlawfully using the Unit Trust Consultant title. The case concerned conduct in 2011 in Petaling Jaya and Nilai, where he held himself out as a representative of CIMB Wealth Advisors Berhad in relation to dealing in securities despite not holding a Capital Markets Services Representative’s Licence and not being a registered person. The court imposed three years' imprisonment for each charge, to run concurrently, after finding that Arif had failed to raise a reasonable doubt in the prosecution’s case. The charges, brought by the Securities Commission in January 2024 under Sections 59(1) and 362(3) of the Capital Markets and Services Act 2007, related to unlicensed dealing in securities and misuse of the Unit Trust Consultant title in a way that created the belief that he was licensed to deal in securities. The Securities Commission also reminded investors to deal only with individuals and entities licensed for regulated activities and to verify investment offers through its Investment Checker.
Malaysia Securities Commission2026-07-23
Malaysia Securities Commission reports three year jail term for former bank analyst over unlicensed securities activity and misuse of Unit Trust Consultant title
The Malaysia Securities Commission said the Kuala Lumpur Sessions Court jailed former bank analyst Mohd Arif Fadzlee bin Mohd Arifin for three years after convicting him of unlicensed securities activity and misusing the Unit Trust Consultant title. He was found to have held himself out in 2011 as a representative of CIMB Wealth Advisors Berhad for dealing in securities without the required licence or registration. The two three-year jail terms will run concurrently.