KUALA LUMPUR: The SecuritiesCommission (SC) is cautioning the public not to part with their monies to unlicensed investment agents, even if they are recommended by family members and friends. It has urged the public to be wary of investment schemes promising unrealistically high returns.“Where such schemes are purportedly linked to licensed intermediaries, investors are advised to verify the legitimacy of such schemes with the licensed intermediary concerned or with SC,” it said in a statement last Friday.
It reminded the public that persons who are not licensed by the SC are not allowed to collect monies from others for investment in a portfolio of securities on their behalf. “The public is also advised not to invest in the market through the trading accounts of others, including family and friends.” Anyone carrying out such activities without the requisite licences can be prosecuted under the Capital Markets and Services Act and upon conviction is liable to a fine note xceeding RM10 million or jailed for up to 10 years, or both. SC also stated that Uzir Abdul Sama (IC No: 720824-01-5543) and UAS Bistari Management Sdn Bhd were not licensed by the SC to carry out any regulated activity, including soliciting monies from the public for investment in securities. — Bernama