THE Securities Commission has fined former unit trust consultant Harani Kamarudin RM2 million for causing an investor to lose RM1.32 million via deception.

In a statement today, the SC said Harani had made false representations to the investor as to the nature and characteristics of the investments as well as guaranteed returns to the investor which did not materialise.

“(Harini)e had contravened section 354(1)(b)(iii) of the Capital Markets and Services Act 2007 (CMSA) read together with provisions of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds).

“The SC’s findings of breaches and sanctions on Harani were made after according due process to him, including giving him the opportunity respond to SC on the aforesaid breaches and SC’s decision,” it said. – Bernama, September 2, 2022.