KUALA LUMPUR (July 23): The Kuala Lumpur Sessions Court has found former bank analyst Mohd Arif Fadzlee Arifin guilty of unlicensed regulated activities and the unlawful use of the title unit trust consultant (UTC).

Sessions Court judge Hamidah Mohamed Deril delivered her decision on Thursday, saying the court found that Arif had failed to raise a reasonable doubt in the prosecution’s case. He was sentenced to three years’ imprisonment for each charge, with both jail terms to run concurrently, according to a statement from the Securities Commission Malaysia (SC).

Previously, on Feb 27, the court ordered Arif to enter his defence after hearing from 10 prosecution witnesses, including two victims, and concluded that the prosecution had successfully proven a prima facie case against him.

Arif then elected to testify under oath and called no other witnesses to support his defence.

For the first charge, the court found that Arif had held himself out as a representative of CIMB Wealth Advisors Bhd, and dealt in securities without holding a Capital Markets Services Representative's Licence (CMSRL) or being a registered individual.

For the second charge, he unlawfully used the title of UTC, falsely implying he was licensed to deal in securities.

Under the Capital Markets and Services Act 2007, the first offence carries a maximum penalty of a RM5 million fine, up to five years in prison, or both. The second offence, meanwhile, is punishable by a fine of up to RM1 million, imprisonment for up to five years, or both.

Following the sentencing, the SC reminded the public to only deal with individuals and entities that are licensed by the SC for any regulated market activities. "Investors are urged to exercise caution and verify any investment offers, especially those promising extremely high returns, through the SC's Investment Checker at www.sc.com/investment-checker."

In this trial, the SC was represented by deputy public prosecutor Annarina Chacko Jacob alongside prosecuting officers Mohd Shafiq Azman, Eunice Ong and Sharifah Noor Effah Syed Ahmad Fuad.

Arif was represented by defence counsel Mohd Salihen Mastor of Rahman Hasim & Partners.