Kuala lumpur: The Sessions Court has sentenced an unlicensed futures trader to a total of 20 years imprisonment and a fine of RM9 million for unlicensed activities and derivatives fraud.
According to BERNAMA News Agency, the Securities Commission of Malaysia (SC) stated that Judge Hamidah Mohamed Deril delivered the sentences after Mohd Azhidi Laili pleaded guilty to nine charges under Section 206(b) of the Capital Markets and Services Act 2007 (CMSA).
Mohd Azhidi received two years of imprisonment and a fine of RM1 million in default of three months imprisonment for each charge, with the jail terms to run concurrently. If he fails to pay the fine, he will face an additional 27 months of imprisonment after completing his jail term.
Mohd Azhidi misrepresented himself as a futures trader and committed the offenses between May 2013 and March 2014 in Kuala Lumpur. The SC revealed that he deceived nine victims of a total of RM1.45 million through a non-existent futures crude palm oil (FCPO) investment scheme under AmFutures Sdn Bhd.
Furthermore, Mohd Azhidi was sentenced to two years' imprisonment under Section 58(1) of the CMSA for falsely presenting himself as a representative of AmFutures Sdn Bhd without proper licensing or registration for dealing in derivatives. This jail term is also to be served concurrently.
Initially charged by the SC on February 14, 2022, two days post-arrest, Mohd Azhidi claimed trial to all charges and was released on bail of RM250,000 with two sureties. He was required to surrender his passport and report monthly to the SC's Investigating Officer.
The trial occurred from February 2023 to March 2025, during which Mohd Azhidi changed his plea to guilty. The prosecution brought forth 28 witnesses, including seven victims, to testify in court.
The court revoked Mohd Azhidi's bail on May 21, 2024, due to his failure to appear in court for two case mentions and his non-compliance with monthly reporting to the SC's Investigating Officer. Consequently, he was ordered to serve his prison sentences from the date of bail revocation.
The SC's legal team included Deputy Public Prosecutor Mohd Izuddin Mohamad and prosecuting officers Quek Yiing Huey, Raihana Nadhira Rafidi, Eunice Ong Jo Xing, and Mark Rohan Mahadevan, while Mohd Azhidi was represented by counsel Al-Sabri Ahmad Kabri.