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SC Issues cease and desist order to seven unlicensed operators offering investment advice

Source: https://www.sc.com.my/resources/media/media-release/sc-issues-cease-and-desist-order-to-seven-unlicensed-operators-offering-investment-advice

The Securities Commission Malaysia (SC) had to date, following the issuance of the Guidance Note on Provision of Investment Advice on 30 December 2020, 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). Any person carrying on a business of giving investment advice without a licence commits an offence under the CMSA which is punishable with a fine not exceeding RM10 million or imprisonment not exceeding ten 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.

The seven unlicensed operators and advisers are as follows

  1. Don Trader / DT Academy Sdn Bhd
  2. Engineer Saham / Ergonamos Marketing
    – Mohd Faizal Bin Raihan
  3. Felix Consulting
  4. Lifestyle Trading Masterclass / LTM Tech
    – Jeremy Looi Chee Keong
  5. One Stock Centre / Stock Advisor / The SuperInvestor / SA Expert Consultancy
    – Logeswaran A/L Balasubramaniam
  6. Serikandi Saham / Thoriq Legacy Sdn Bhd
    – Fatin Fatini Binti Ismadi
  7. Teknik Saham
    – Fazlisyam Bin Md Isa

The SC has also placed all of the above operators with their relevant details in the SC’s Investor Alert List http://www.sc.com.my/investor-alert

The SC also warns the operators of other online webinars, seminars, social media, and messaging applications chat rooms to cease carrying out unlicensed investment advice activities. The SC is monitoring this closely and will, where appropriate, take action against those who breach securities laws.

The public are also urged to report to the SC if they have been approached by unlicensed persons offering capital investment advice at [email protected] or call +603-6204 8999.

While the SC carries out pro-active internet surveillance to stem illegal capital market activities perpetrated through social media, the public are also reminded to be vigilant and be cautious of the risks of participating in any investment schemes, as they could be defrauded or used as part of a market manipulation scheme.

Investors should verify the licence or registration of individuals, companies and platforms offering capital market services or products, before making any investment decision. This includes the provision of investment advice. Checks can be done through the SC website via the Public Register of Licence Holders www.sc.com.my/licensed-registered-persons and List of Registered Recognised Market Operators www.sc.com.my/rmo.

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