KUALA LUMPUR (Aug 4): Pixelvest Sdn Bhd has been fined RM3 million, while its director Dexter Ang Jen Chuen will be jailed three years for running an unlicensed fund management business.

Both the company and Ang, also known as Dexter Ang, pleaded guilty to a charge under Section 58(1) of the Capital Markets and Services Act 2007 before Sessions Court judge Siti Shakirah Datuk Wira Mohtarudin, the Securities Commission Malaysia (SC) said in a statement.

“The SC views unlicensed activities seriously and remains committed to investor protection by taking enforcement actions against those who contravene the law,” the capital market regulator said.

Fund management is a regulated activity, and any person carrying on a fund management business requires a licence from the SC under the Capital Markets and Services Act.

Anyone carrying fund management activity without a licence commits an offence punishable with a maximum fine of RM10 million, or an imprisonment for a term not exceeding 10 years, or both.

Ang was previously convicted for money laundering on July 28, after pleading guilty to eight charges of receiving proceeds of unlawful activity under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

He was sentenced to three years imprisonment for each offence from the date of arrest on Jan 10, 2024, by Sessions Court judge Puan Norma Ismail, who also ordered for the jail terms for all eight charges to run concurrently.

The offences took place in Kuala Lumpur and Selangor between December 2020 and January 2023.

Ang was first charged with money laundering on Jan 10, 2024, and subsequently with the capital market offence on Feb 26 in the same year. Pixelvest, represented by Ang as its director, was charged on May 10, 2024. Both initially claimed trial before changing their pleas to guilty.

The SC also advised investors to consult its Investor Alert List, which is constantly updated, to avoid dealings with suspicious entities.