QUOTE(MUM @ Jun 13 2023, 10:23 AM)
I hv read alot of news in the medias about investors being scammed of money from unlicensed investment... but i never heard of the UL got any court actions.
They promotes, you join
They did not lie as they just tell what they were told to tell by the company.
They show you the past performances and past returns as being published by the company.
They did not promise anything that are not promised by the company.
If investors can have proof that they (UL) had deceived with the intension to fraud, ...
Then may hv a case against those uplines.
A unit trust promoters will also not found guilty of anything if what he has presented to the investors info published by the company. And if he did not promise what the company did not promise too.
Because no 1 is taking legal actions...no 1 is seeking for helps...
For tour convenience :
“ The maximum penalty of a RM50 million fine and 10 years in jail matches that imposed on those who unlawfully promote, or cause to be promoted, a pyramid scheme under Section 27B of the Direct Sales and Anti-Pyramid Scheme Act 1993.
However, it has been reported that legal action can also be taken under the Financial Services Act, the Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, the Interest Schemes Act 2016 and the Penal Code. ”
I believe authority take action late because very little victim reports. If the have thousand reported case, then they will need to take actions.
To read the full article :
https://theedgemalaysia.com/article/bank-ne...investors-court