According to the SC, Amran Mohd Amin misappropriated RM215,000 from four prospective investors between January 2022 and January 2023.

The funds were intended for investment in a unit trust fund managed by Kenanga Investors Bhd (KIB).

“The SC found that Amran instead utilised the potential investors’ funds by depositing them into his own unit trust investment account,” it said in a statement today.

Amran also provided falsified account statements to two of the four investors, misleading them into believing that their investments had been made when no such transactions occurred.

At the time, Amran was a UTC at KIB. He committed breaches warranting administrative sanctions under Section 354(3) of the Capital Markets and Services Act (CMSA) 2007.

The sanctions pertained to Section 92A(2)(a) of the CMSA, Paragraph 5.02(b) of the SC’s Guidelines on Conduct for Capital Market Intermediaries, and Paragraph 4.1(a) of the Federation of Investment Managers Malaysia’s Code of Ethics.

The SC’s decision took effect on June 26, 2024.

Its findings were reached after due process, including allowing Amran to respond to the allegations and the SC’s decision.

“Amran did not file any review against the SC’s decision within the prescribed time provided under the CMSA,” it said.

It added that the action against Amran was part of the SC’s ongoing enforcement efforts targeting UTCs for misconduct.

Since 2020, the SC has taken administrative action against nine UTCs for similar violations, including accepting cash or having money credited to personal accounts for investment purposes, and providing clients with false or misleading statements.