Victims of illegal trading scheme can file claims, says SC

PETALING JAYA: The Securities Commission Malaysia (SC) today said victims of an illegal futures and equity trading scheme led by Mohd Faizal Jamaludin can file their claim for monies by 5pm on May 10.
In a statement, SC said it had started the restitution process following administrative sanctions imposed against Mohd Faizal who carried out fund management activities without a licence.
The SC said as at Feb 7, approximately RM157,634.97 in Mohd Faizal’s account had been secured for the purposes of restitution to eligible investors.
“Investigation by the SC found that Mohd Faizal had carried out the regulated activity of fund management without holding a licence when he accepted monies from third parties between February and December 2015, purportedly to invest in futures and equities on behalf of the said third parties.
“Members of the public who had invested in a futures and equity trading scheme with Faizal between February and December 2015 are required to submit their claims, together with necessary proof of investment to the SC before 5pm on May 10,” it said.
Upon receipt of the claims, the SC said, it will determine a rate of restitution based on the available funds, total number of claimants and the sums that are proved to have been invested at the material point of time.