(Kuala Lumpur 22/3/2021): 7️⃣unlicensed "stock gurus" have been slapped with cease and desist orders by the Securities Commission (SC) as the capital market regulator tries to clamp down on illegal investment advice.
The regulator said the cease-and-desist orders were issued following the SC’s findings that the operators had been carrying out the business of advising others concerning securities or derivatives, including providing stock recommendations upon payment of a fee.
According to the SC, providing investment advice is a regulated activity that requires a license under the Capital Markets and Services Act 2007 (CMSA).
Any person carrying on a business of giving investment advice without a license has committed an offence under the CMSA, which is punishable with a fine not exceeding RM10 million or imprisonment not exceeding 10 years or both
The 7️⃣ unlicensed operators and advisers are:
Don Trader/DT Academy Sdn Bhd
Engineer Saham/Ergonamos Marketing — Mohd Faizal Bin Raihan
Lifestyle Trading Masterclass/LTM Tech — Jeremy Looi Chee Keong
One Stock Centre/Stock Advisor/The SuperInvestor/SA Expert Consultancy — Logeswaran Balasubramaniam
Serikandi Saham/Thoriq Legacy Sdn Bhd — Fatin Fatini Ismad
Teknik Saham — Fazlisyam Md Isa.