Seven operators get SC’s cease and desist orders
The Securities Commission (SC) has directed seven operators, comprising entities and related individuals, to cease and desist from undertaking all activities in relation to unlicensed investment advice.
Providing investment advice is a regulated activity that requires a licence under the Capital Markets and Services Act 2007 (CMSA).
The SC said any person carrying out a business of giving investment advice without a licence would be committing an offence under the CMSA, which is punishable with a fine not exceeding RM10 million or imprisonment not exceeding 10 years, or both.
“The cease and desist orders were issued following the SC’s findings that these operators are carrying out the business of advising others concerning securities or derivatives, including providing stock recommendations upon payment of a fee.
“These activities are usually carried out in subscription-based private chat groups on Telegram,
Whatsapp and Facebook.”
It also warned the operators of other online webinars, seminars, social media and messaging application chat rooms to cease carrying out unlicensed investment advice.
“The public are also reminded to be vigilant and as they could be defrauded or used as part of a market manipulation scheme.”
The seven unlicensed operators and advisers are:
Don Trader/DT Academy Sdn Bhd;
Engineer Saham/Ergonamos Marketing — Mohd Faizal Raihan;
Felix Consulting;
Lifestyle Trading Masterclass/LTM Tech — Jeremy Looi Chee Keong;
One Stock Centre/Stock Advisor/The SuperInvestor/SA Expert Consultancy — Logeswaran A/L Balasubramaniam;
Serikandi Saham/Thoriq Legacy Sdn Bhd — Fatin Fatini Ismadi; and,
Teknik Saham — Fazlisyam Md Isa.