Thursday, November 3, 2011

Bursa Malaysia fines dealer's rep RM10,000 over unlawful trades

KUALA LUMPUR (Nov 3): Bursa Malaysia Securities Bhd has rapped and imposed a fine of RM10,000 on Zainol Abidin Ahmad over unlawful and unethical trading activities in the securities of SURIA CAPITAL HOLDINGS BHD [] and Pilecon Bhd warrants.

The stock exchange had on Thursday also ordered that Zainol Abidin be struck off from the Register as a Dealer's Representative.

It said Zainol, who committed the offence at that time, was a dealers' representative of HwangDBS Investment Bank Bhd.

Bursa Securities said he had triggered and breached the provisions of Rules 1302.1(1)(a)&(g), 401.1(1)(f), 404.3(1)(a)&(b) and 1302.1(1)(i)(iii) of the Rules of Bursa Securities.

It said Zainol had carried out several sale and purchase transactions in the securities of Suria and Pilecon-WA using a client's account.'' The client has denied knowledge of or authorising these transactions. The unauthorised transactions resulted in losses which were disputed by the client.

It added that Zainol'' failed to act in the best interest of his client by executing personal trades using his client's account for his own benefit as admitted by him in a declaration made to the client. Despite making the declaration, he had failed to settle the outstanding amount in his client's account.


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