KUALA LUMPUR: The Securities Commission Malaysia (SC) yesterday charged former remisier Peter Chuah Hock Heng for defrauding an investor and participating in unlicensed capital market activities.
Chuah appeared in the Kuala Lumpur Sessions Court yesterday, faced with one charge under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA) for allegedly misleading an investor with a false representation of an investment scheme involving the purchase of securities.
The alleged offences occurred in Petaling Jaya, Selangor, between February and April 2014.
In a statement released today, SC said Chuah is also accused of two charges under Section 58(1) of the CMSA for representing himself as conducting business in dealing in securities without a licence.
Dealing in securities is a regulated activity under Schedule 2 of the CMSA, requiring individuals to be licensed by the SC.
"This offence carries a maximum fine of RM1 million or imprisonment for up to 10 years, or both, upon conviction," it said.
Chuah pleaded not guilty to all three charges in separate court proceedings.
In relation to the charge under Section 179(b) of the CMSA, Sessions Court judge Datin Sabariah Othman granted bail at RM50,000 with one surety and ordered the accused to surrender his passport to the court and report to the SC's Investigating Officer monthly.
For the charges under Section 58(1) of the CMSA, Sessions Court judge Tuan Azrul Darus granted bail at RM30,000 with one surety, imposing similar additional bail conditions as the earlier court.
The SC urged investors to exercise prudence before investing and to consult the regularly updated Investor Alert List to identify unauthorised or unlicensed platforms, companies, or individuals.