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KUALA LUMPUR: The Securities Commission (SC) today charged former investment banker Charles Chua Yi Fuan for deceiving seven investors who suffered losses of nearly RM1.67 million between July 2017 to May 2019.

Chua, formerly Hong Leong Investment Bank Bhd debt markets vice-president, had represented to the victims that they were investing in non-existent investment schemes involving subscription of securities, the SC said in a statement on Friday.

Chua was brought today to two separate Sessions Courts in Melaka to face 13 charges under subsection 179(b) of the Capital Markets and Services Act 2007 (CMSA).

"The punishment for conviction of an offence under this subsection is an imprisonment term not exceeding 10 years and a fine of not less than RM1 million for each charge,” the SC said.

The statement stated that the accused claimed trial to all the charges preferred against him.

Sessions Court judge Nariman Badruddin granted bail at RM300,000 with two sureties.

In another court, Sessions Court judge Maziah Joary Mohd Tajudin granted bail at RM280,000, also with two sureties.

Both courts ordered Chua to report to the SC’s investigating officer on a monthly basis, the SC said.

Chua previously faced four charges on June 16, 2022 at two Kuala Lumpur Sessions Courts relating to similar offences. He claimed trial to those charges.

The SC continues to remind investors to exercise caution before parting with their monies and when considering investment opportunities.

Investors are advised to refer to the SC's investor alert list of unauthorised websites/platforms, investment products, companies and individuals.

Investors can also contact the SC's consumer and investor office at 03-6204 8999, or email aduan@seccom.com.my for queries. - Bernama