An unlicensed futures trader has been sentenced to 10 concurrent jail terms of two years each and fined RM9 million by the Kuala Lumpur sessions court for unlicensed activities and derivatives fraud.
Azhidi Laili, who falsely represented himself as a futures trader, committed the offences between May 2013 and March 2014, the Securities Commission (SC) said in a statement.
Sessions court judge Hamidah Deril passed the sentence after Azhidi pleaded guilty yesterday to nine charges under Section 206(b) of the Capital Markets and Services Act 2007 (CMSA).
According to the facts of the case, Azhidi admitted to deceiving nine victims of a total of RM1.45 million in connection with a non-existent futures crude palm oil (FCPO) investment scheme falsely linked to AmFutures Sdn Bhd.
He was sentenced to two years’ imprisonment and a fine of RM1 million for each charge.
Azhidi will have to serve an additional three months in prison for each of the nine charges if he fails to pay the fine.
Azhidi also pleaded guilty to one charge under Section 59(1) of the CMSA for holding himself out as a representative of AmFutures without being licensed or registered to deal in derivatives.
The court sentenced him to two years’ imprisonment for this offence.
Azhidi was initially charged by the SC on Feb 14, 2022, two days after he was arrested. He claimed trial to all the charges and was released on bail of RM250,000 with two sureties.
He was ordered to surrender his passport and report to the SC’s investigating officer once a month. His bail was revoked on May 21, 2024 after he failed to appear in court for two case mentions.
He had also failed to report to the SC’s investigating officer on a monthly basis. The court ordered that Azhidi’s prison sentence commence from the date his bail was revoked.
The trial proceeded from February 2023 to March 2025, after which he decided to change his plea to guilty. Twenty-eight prosecution witnesses, including seven victims, testified in court.
The SC was represented by deputy public prosecutor Izuddin Mohamad and prosecuting officers Quek Yiing Huey, Raihana Nadhira Rafidi, Ong Jo Xing and Mark Rohan Mahadevan.
Azhidi was represented by counsel Al-Sabri Haji Ahmad Kabri.
The SC said the case’s outcome reflects the seriousness of the offences and its impact on the capital market.
It reminded the public to remain vigilant and to confirm the legitimacy of all investment offers by using its investment checker available on its website.
