KUALA LUMPUR, July 23 — The Sessions Court here today sentenced a former bank analyst to three years’ jail after finding him guilty of unlicensed regulated activities and the unlawful use of the Unit Trust Consultant (UTC) title.
The Securities Commission of Malaysia (SC) in a statement said that Judge Hamidah Mohamed Deril meted out the sentence against Mohd Arif Fadzlee Mohd Arifin after finding that the accused had failed to raise a reasonable doubt in the prosecution’s case.
The court sentenced him to three years’ imprisonment for each of two charges, with the jail terms to run concurrently.
According to SC, Mohd Arif Fadzlee was originally charged on Jan 23, 2024, with two charges for offences under Section 59(1) and 362(3) of the Capital Markets and Services Act 2007 (CMSA).
“Mohd Arif Fadzlee claimed trial to both charges and was released on bail of RM60,000. On Feb 27, 2026, the court ruled that the prosecution had successfully proven a prima facie case and ordered him to enter his defence on both charges.
“At the trial, the prosecution called 10 witnesses, including two victims. However, Mohd Arif Fadzlee elected to testify under oath and called no other witnesses in support of his defence,” the commission said.
For the first charge, Mohd Arif Fadzlee was alleged to have held himself out as a representative of CIMB Wealth Advisors Berhad in relation to the regulated activity of dealing in securities, despite not holding a Capital Markets Services Representative’s Licence (CMSRL) from the SC nor being a registered person.
He was charged under Section 59(1) of the CMSA, which carries a fine not exceeding RM5 million or a maximum imprisonment of five years, or both.
The accused was also charged for misusing the UTC title, which created the belief that he was licensed to deal in securities which he was not, under Section 362(3) of the same Act, which provides a fine not exceeding RM1 million or imprisonment not exceeding five years, or both.
Both offences took place in Petaling Jaya and Nilai in 2011.
The SC was represented by Deputy Public Prosecutor Annarina Chacko Jacob and Prosecuting Officers Mohd Shafiq Azman, Eunice Ong and Sharifah Noor Effah Syed Ahmad Fuad, while Mohd Arif was represented by counsel Mohamad Salihen Mastor. — Bernama
Date: 23 July, 2026 7:00 pm
Source: Malay Mail
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