And Bursa Malaysia Gets Serious And Fines ex-Remiser Rm 60,000

And then there is the case of the ex-remiser who got fined rm 60,000.00.

RM 60,000?

Er... seriously... what kind of fine is that?

I mean if this fella is found guilty... then he's guilty... but the fine of rm 60,000???

Goodness me!

With such a MASSIVE fine.. this sure will stop any future shenanigans!

Comeon... who's insulting who?

Oh yeah... forgot to mention the fine was for 'unlawful trading'.

Gosh! What on earth is 'unlawful trading'?

Comeon!

How does one expect our stock exchange to improve and rid itself of such pathetic nonsense in the future?


On the Edge:

• Bursa Securities fines ex-remisier RM60,000 for unlawful trading Written by Joseph Chin of theedgemalaysia.com
  Tuesday, 18 October 2011 17:51
  
  KUALA LUMPUR: Bursa Malaysia Securities Bhd rapped and fined a former dealer’s representative Mohd Zahir Abd Manan RM60,000 for unlawful and unethical trading activities.
  
  It said on Tuesday, Oct 18 that it had also ordered Mohd Zahir be struck off from the Register as a dealer’s representative in unlawful and unethical trading activities in the securities of H-DISPLAYS (MSC) BHD [] and HDM-Carlaw Corp Bhd.
  It said Mohd Zahir, who at that time a commissioned dealer’s representative of PM Securities Sdn Bhd, triggered and breached the provisions of the Rules of Bursa Securities.
  
  “Bursa Securities views misconducts that compromise the integrity or honesty of registered persons seriously as registered persons, including dealer’s representatives are required to uphold the interest of their clients and the investing public,” it said.
  
  Bursa Securities said Mohd Zahir had carried out numerous unauthorised sale and purchase transactions in the securities of H-Displays and Carlaw over a period of time via two of his clients’ accounts.
  His unauthorised transactions resulted in substantial contra losses which were disputed by the clients when they were subsequently informed of the losses.
  
  It added he had colluded with a third party, who was not a person allowed and authorised, in writing, to trade on behalf of these clients. In this regard, instructions to trade via the two clients’ accounts were received from the identified third party and were carried out by Mohd Zahir. The commission generated from these trades was shared between Mohd Zahir and the third party.
  
  “Mohd Zahir had also colluded with the identified third party to manipulate these two securities by maintaining their prices at certain levels. The manipulative trading activities had impacted the price of these securities during the relevant period.
  “Mohd Zahir’s misconduct in carrying out these unauthorised trades and participating in unlawful activities, including price manipulation of these securities over a period of time, demonstrated his blatant disregard of his obligations as a responsible dealer’s representative,” it said.

Sigh!

Comeon... why can't Bursa just gets really tough on these buggers?

RM 60,000?

Bah!

Where got enough?