Mohd Arif Fadzlee Mohd Arifin was found guilty by a Malaysian Sessions Court of conducting regulated securities activities without a licence and unlawfully using the title Unit Trust Consultant (UTC). He was sentenced on July 23 to three years' imprisonment for each of the two charges, with the jail terms running concurrently [1, 2, 3, 4].
The offences occurred in 2011 in Petaling Jaya and Nilai, Negeri Sembilan. Arif posed as a representative of CIMB Wealth Advisors Berhad and dealt in securities without holding a Capital Markets Services Representative Licence (CMSRL) or proper registration. He falsely implied he was licensed to deal in securities through his misuse of the UTC title [1, 2, 3, 4].
He faced two charges under Sections 59(1) and 362(3) of the Capital Markets and Services Act 2007 (CMSA), which carry maximum fines of RM5 million and RM1 million respectively [1, 2, 3, 4]. The court found the prosecution had proved its case beyond reasonable doubt, after hearing testimony from 10 witnesses, including two victims. Arif's defence counsel was Mohd Salihen Mastor, while the Securities Commission was represented by DPP Annarina Chacko Jacob and three prosecuting officers [1, 2, 3, 4].
Arif initially denied both charges and was released on bail of RM60,000. The court ruled on February 27 that the prosecution had established a prima facie case against him and ordered him to enter his defence [1, 3, 4].
His actions violated securities regulations designed to protect investors by ensuring only licensed individuals conduct trading activities and use regulated titles. The sentence reflects the court's enforcement of these capital markets laws.
Arif is now serving his concurrent three-year sentence following the conviction. There is no public indication of an appeal or scheduled forthcoming court proceedings.
