Former unit trust consultant charged with deceiving investors

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KUALA LUMPUR (Feb 14): A former unit trust consultant has been charged by the Securities Commission Malaysia (SC) for deceiving four individuals of their investments amounting to RM50,000 between August 2015 and November 2016.

Afkariah Md Norani, also known as Dr Afkar Norani, had represented to the investors that they were investing in an investment scheme under RHB Investment Bank Bhd, when in fact, such a scheme did not exist.

The monies deposited by investors were then used for share transactions in her own account at the same investment bank, the SC said in a statement today.

According to the SC, Afkariah was brought to the KL Sessions Court this morning to face four charges under Subsection 179(b) of the Capital Markets and Services Act 2007.

She faces an imprisonment term of not more than 10 years and a fine of not less than RM1 million, if found guilty.

The Sessions Court allowed bail at RM60,000 with one surety. Afkariah was also ordered to surrender her passport and report to the SC every month until completion of the trial.

Members of the public are reminded to refer to the SC’s investor alert list for the list of unauthorised websites, products, companies and individuals.