How many years did the unit trust consultant receive in prison sentence?

Question

Accepted Answer

Unit Trust Consultant Receives 18-Month Prison Sentence and RM2 Million Fine for Investment Fraud

A former unit trust consultant has been sentenced to 18 months in prison and ordered to pay a total of RM2 million in fines after pleading guilty to cheating two individuals in relation to securities investments. The prison sentences for the two charges will be served concurrently, commencing from the date of his arrest on September 8, 2025. The consultant's fraudulent activities involved encouraging victims to invest in units of the Kenanga Shariah Growth Opportunities Fund, leading to losses.
Two Concurrent Prison Terms Imposed

The unit trust consultant, identified as Amran Mohd Amin, 59, was handed an 18-month prison sentence for each of the two charges he faced. These sentences are to be served concurrently, meaning he will serve a total of 18 months in jail. The prison term officially begins from his arrest date, September 8, 2025. This sentencing follows a plea bargain arrangement.
Substantial Fines Levied for Fraudulent Conduct

In addition to the custodial sentence, Amran was fined RM1 million for each of the two charges, bringing the total fine to RM2 million. The law under which he was charged, Section 179(b) of the Capital Markets and Services Act 2007, allows for a maximum prison sentence of 10 years and a fine of at least RM1 million upon conviction. The prosecution highlighted the specific amounts involved in the fraudulent transactions.
Investment Scheme Involved Specific Fund Units and Banker's Cheques

The core of the deceit involved representations made to two men concerning investments with Kenanga Investors Berhad. The victims were persuaded to purchase banker's cheques totalling RM130,000 and RM10,000. These cheques were specifically made payable to Amran's account at Kenanga Investors Berhad, ostensibly for investment purposes in the Kenanga Shariah Growth Opportunities Fund.
Offences Occurred Over Several Months in 2021 and 2022

The fraudulent actions took place over a period spanning from December 2021 to June 27, 2022. The transactions and representations occurred at Kenanga Investors Berhad, located at Kenanga Tower on Jalan Tun Razak. The charges were formally laid under Section 179(b) of the Capital Markets and Services Act 2007, with the penalties stipulated under Section 182 of the same Act.

Reading history

Hide →

This history is cleared when the page is closed.

How many years did the unit trust consultant receive in prison sentence?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends