Securities Commission Malaysia Obtains Conviction Against An Individual For Unlicensed Trading In Futures Contract

The Sessions Court convicted Zamani bin Hamdan today for carrying on the business of trading in futures contracts without a Capital Markets Services License (CMSL) through his company Rantau Simfoni Sdn Bhd. 

Zamani who was the Managing Director and Chief Executive Officer of the company committed the offence between March and April 2010 where he collected RM215,000 from 11 investors throughout this period. 

Zamani was convicted by the Sessions Court judge Dato’ Rozana binti Ali Yusoff and sentenced to pay a fine of RM1 million (in default of one year imprisonment) under section 58(1) read together with section 367(1) of the Capital Market and Services Act (CMSA) 2007.