Former head of dealing at CIMB Investment Bank, Lau Min Thung, has been charged with three counts of securities fraud and money laundering, involving a total of RM808,000.
Lau allegedly deceived three investors into depositing funds for fictitious bond investments but used the money to purchase shares in unrelated trading accounts. The fraudulent activities occurred between February 2013 and April 2014, according to the Securities Commission.
If convicted, Lau could face a maximum jail term of 10 years and a fine of at least RM1 million under the Capital Markets and Services Act 2007. Additionally, Lau faces charges under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, which carry a maximum penalty of RM5 million or a jail term of up to five years, or both.
Lau pleaded not guilty to all six charges and was granted bail totaling RM200,000. The court instructed him to surrender his passport, report monthly to the investigating officer, and imposed additional bail conditions.
Reference from News: SC charges former head of dealing with fraud