KUALA LUMPUR: The Securities Commission (SC) has charged Charles Chua Yi Fuan, a former investment banker, with deceiving four investors who suffered losses amounting to RM76,000 between February 2018 and April 2018.
In a statement, the regulator said Chua, a former vice president of debt markets at Hong Leong Investment Bank Bhd, told the victims that they were investing in so-called investment plans involving the underwriting of securities, while in fact such plans did not exist.
SC said Chua was arrested yesterday in Malaysia with the help of the Royal Malaysian Police and the International Criminal Police Organization (INTERPOL) after being deported from Cambodia.
Following his deportation by the Cambodian authorities, Chua was arraigned in the Kuala Lumpur Sessions Courts this morning to face four counts under subsection 179(b) of the 2007 Violations Act. capital markets and services (CMSA).
This offense is punishable by imprisonment for up to 10 years and a fine of at least RM1 million.
The charges were read out in two separate courts today. Court of Sessions Judge Kamarudin Kamsun granted bail of RM300,000, with bail.
In addition, the accused has been ordered to surrender his passport to the court and is required to report monthly to the SC investigator.
In another court, Court of Sessions Judge Sabariah Othman granted bail of RM50,000. All other bail conditions are the same.
“The SC reminds investors to exercise caution before parting with their money and when considering investment opportunities,” he said.