Ex-unit trust consultant jailed, fined RM4 million for fraud

Former Unit Trust consultant, Afkariah Md Noraini was sentenced to six months in jail and fined RM4 million by the Kuala Lumpur Sessions Court yesterday for defrauding four individuals involving investment worth RM50,000.

The Securities Commission (SC) in a statement today said, Afkariah, 49, was charged with four counts of fraud under Section 179 (b) of the Capital Markets and Services Act 2007.

According to SC, Judge Datuk Ahmad Kamal Arifin Ismail ordered the imprisonment terms for the four charges to run concurrently.

Afkariah was also ordered to serve another four months in jail in default of the RM4 million fine.

“Victims were duped into investing in a scheme which was purportedly guaranteed by RHB Investment Bank Bhd (RHBIBB) and promised monthly dividend payment of two to three per cent.

“The investment scheme never existed. The money paid by the investors were put into Afkariah stock trading account at RHBIBB, and used for her personal transactions,” SC said.

As such, SC reminded members of the public to be on alert of investment scheme promising unusually high returns.

“If the scheme claims that it is related to licensed intermediaries, investors are advised to verify the scheme with the intermediaries or with SC first,” it said. - BERNAMA