KUALA LUMPUR (Feb 14): The Federation of Investment Managers Malaysia (FIMM) has reprimanded 12 former Unit Trust Scheme (UTS) and/or Private Retirement Scheme (PRS) consultants for their misconducts/breaches of FIMM’s Consolidated Rules.

Falsification of academic certificates

In a statement on Wednesday, FIMM said eight former UTS and/or PRS consultants were found to be in breach of Rules 4.1.1 and 4.2.1 read together with Rule 4.3.1(f) of the FCR for submitting falsified academic certificates as part of their application for registration as a UTS and/or PRS consultant to the respective distributors (listed below) which were then forwarded to FIMM.

It said these former consultants have been barred from registration with FIMM for a fixed period.

Forging investor’s signature

Meanwhile, FIMM said one former UTS and PRS consultant was found to be in breach of Paragraph 3.1 and 4.1(c) of FIMM’s Code of Ethics, for forging an investor’s signature on a switching form and on a Gift Redemption Form.

It said Yap Jian Liang was barred from registration with FIMM for a period of six months effective Jan 10, 2024 and is required to attend training on FIMM’s Code of Ethics, should he decide to re-register with FIMM after the barring period.

It said Yap was a UTS and PRS consultant of Citibank Bhd.

Accepting cash and misappropriation of investor’s money

FIMM said Hairry Harizan Khalid, a UTS consultant of KAF Investment Funds Bhd, was barred from future registration with FIMM effective Jan 10, 2024.

Falsification

Finally, Mohd Fadil Ismail, a UTS consultant of PMB Investment Bhd was barred from future registration with FIMM effective Jan 10, 2024 for accepting cash from investor who was then invested in an unauthorised investment scheme, falsification of product brochure and alteration of investor’s statements of account.