Former Unit Trust, PRS Consultant Charged With Dealing In Securities Without Licence

IPOH, Oct 9 (Bernama) -- The Securities Commission Malaysia (SC) yesterday charged a former unit trust consultant and Private Retirement Scheme (PRS) consultant at the Ipoh Magistrate’s Court for offences relating to unlicensed capital market activities.

The SC in a statement today said Henry Tan Soong Yan, 35, was charged with one charge under section 58(1) of the Capital Market and Services Act 2007 (CMSA) for holding himself out as carrying on a business of dealing in securities without a licence.

He was also charged with a second charge under section 59(1) of the CMSA for holding himself out as a representative of Public Bank Berhad in respect of dealing in securities without a licence.

According to the SC, the offence under section 59(1) was committed between January and September 2021 while the offence under section 58(1) took place in February 2022 with both offences occurring in Ipoh.

It mentioned that Tan claimed trial to both charges before Magistrate Norizan Riduan and was granted bail of RM10,000 with one surety for each charge.

According to SC, the court also imposed additional bail conditions whereby Tan was ordered to surrender his passport and to report to the SC’s Investigating Officer once every two months pending disposal of the cases.

The court has fixed the case for mention on Dec 16, 2026.

The SC was represented by prosecuting officers Keith Loo and Siti Sarah Kamaruzaman, while Tan was represented by Dexter Mah from Messrs. KS Su & Mah.

The SC said dealing in securities is a regulated activity and any person carrying it out must be licensed by SC and the commission also reminds investors to exercise caution before parting with their monies and when considering investment opportunities.

The SC urges the public to refer to its Investment Checker to verify if an individual and/or entity is authorised by the SC to offer, promote or sell any capital market products and services in Malaysia.

-- BERNAMA