KUALA LUMPUR: The Sessions Court has sentenced an unlicensed futures trader to 20 years in prison and a RM9 million fine for fraudulent activities.
Judge Hamidah Mohamed Deril delivered the verdict after Mohd Azhidi Laili pleaded guilty to nine charges under the Capital Markets and Services Act 2007.
Each charge carried a two-year jail term and a RM1 million fine, with sentences to run concurrently.
Failure to pay the fine would result in an additional 27 months of imprisonment after completing the initial sentence.
Mohd Azhidi falsely posed as a futures trader between May 2013 and March 2014 in Kuala Lumpur.
He deceived nine victims into investing RM1.45 million in a non-existent crude palm oil (FCPO) scheme under AmFutures Sdn Bhd.
The court also sentenced him to two years for falsely representing himself as an AmFutures agent without a licence.
This sentence will run concurrently with his other jail terms.
The Securities Commission initially charged Mohd Azhidi on February 14, 2022, two days after his arrest.
He was released on RM250,000 bail but later failed to attend court hearings and monthly reporting sessions.
His bail was revoked on May 21, 2024, and he was ordered to serve his sentence from that date.
The trial saw 28 prosecution witnesses, including seven victims, testify between February 2023 and March 2025.
Mohd Azhidi initially claimed trial but later changed his plea to guilty.
The prosecution was led by Deputy Public Prosecutor Mohd Izuddin Mohamad and a team of SC officers.
Mohd Azhidi was represented by lawyer Al-Sabri Ahmad Kabri. – Bernama
