The Johor Bahru Sessions Court convicted a former director of UAS Bistari Management Sdn Bhd, with three offenses relating to unlicensed fund management activities and wrongfully holding himself out as a licensed person.
Uzir bin Abd Samad, 50, pleaded guilty to one charge under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for misrepresenting himself as a fund manager licensed by the Securities Commission Malaysia to investors.
He also pleaded guilty to two other charges under section 362(3) of the CMSA for wrongfully using the titles and holding himself out as a “Fund Manager” and “Securities Commission Capital Market Services Representative’s Licence (CMSRL) holder” in documents to investors. He was sentenced to one-year imprisonment for each of the three charges and ordered that the sentences be served concurrently.
According to the section he is liable to a fine not exceeding RM10 million or imprisonment not exceeding 10 years or both. As for section 362(3) of the CMSA, a person who is convicted under the section is liable to a fine not exceeding RM1 million or imprisonment not exceeding five years or both.
Prior to that, he was at large and listed by the SC as a wanted person since 2016 following the issuance of a warrant of arrest against him by the court.
The SC advises investors to deal with individuals and entities licensed by the commission to provide a regulated activity such as fund management.
