Businessman Found Guilty Of Being Illegal Fund Manager
KUALA LUMPUR, June 22 (Bernama) -- A businessman was found guilty by the Sessions Court here Tuesday of being an illegal fund manager for investments worth RM65 million through the Internet.
Judge S.M. Komathy Suppiah made the ruling against Phazaluddin Abu, 49, after finding that defence counsel J. Chandra had failed to raise reasonable doubts in the case.
However, she set July 7 for mitigation and sentencing.
Phazaluddin Abu, 49, from Johor, was said to have held himself out as a fund manager, through the Internet website www.danafutures.com, without holding a fund manager's licence.
He was charged with committing the offence at Affiliate Shoppers Network, No. 14, First Floor, Jalan Opera C, U2/C, TTDI Jaya, Shah Alam between January and March 2007.
The offence, under Section 15A (1) of the Securities Industry Act 1983, carries a fine of up to RM1 million or 10 years' jail or both upon conviction.
Phazaluddin was also convicted of three counts of taking part in money laundering involving RM1,339,324 million.
He was alleged to have accepted proceeds from illegal activities ranging between RM109,724 and RM860,000 through the Affiliate Shoppers Network's bank account, his bank account and a bank account of one B. Rathimalar, between Jan 8, 2007 and March 7, 2007.
In her judgment, Komathy said the evidence by the defence was a complete fabrication and contrary to the facts in the case.
She said the defence also failed to raise reasonable doubts against the prosecution's case in denying that Danafutures Website was owned, controlled and managed by the accused.
She said Phazaluddin, in his defence, claimed that the website was owned and controlled by an individual known as Maidin and denied the money in his bank account was obtained from money laundering on investments in the scheme.
"If Maidin is not fictitious, it is weird because the accused did not know his full name and has no office documents to show that Maidin is his client, and none of the prosecution witnesses knew him.
"The inconsistencies in the evidence by the accused had also weakened his case," he added.
-- BERNAMA
Apakah mahkamah tidak meminta pihak pengajur ini memulangkan semula duit pelaburan ???
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