The deceit, carried out from November 2012 to November 2019, left the victim RM1.32 million poorer, the Securities Commission (SC) said in a statement today.

The SC said that as part of his deception, consultant Harani Kamarudin enticed the victim to invest with him by making false representations as to the nature and characteristics of the investments.

Harani also guaranteed certain investment results and returns to the victim, which failed to materialise, the statement said.

The SC said the consultant’s conduct was in contravention of the Capital Markets and Services Act 2007, read together with provisions of the Rules of Professional Conduct (Unit Trust Funds) of the Federation of Investment Managers Malaysia.

The SC’s findings of breaches and sanctions on Harani was made after according due process to him, including the opportunity for him to respond to the commission on the alleged breaches and its decision, the statement added.