A Million Dollar Ponzi Lady Charged with a Forex Ponzi Scheme

Malaysia has been blessed with a very active forex trading crowd, this unfortunately always attracts scammers: The Securities Commission Malaysia

Malaysia has been blessed with a very active forex trading crowd, this unfortunately always attracts scammers:

The Securities Commission Malaysia (SC) today secured a deterrent sentence against Raja Noor Asma Raja Harun, the director of FX Capital Consultant and FX Consultant, for operating a ponzi scheme that duped over 4000 investors of more than RM100 million.

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The sentence of five-years jail term and a fine of RM5 million (in default, six months imprisonment) meted out by the Kuala Lumpur Sessions Court marks one of the heaviest punishment against a capital market offender, reflecting the gravity of the offence.

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On 21 December 2010, after the prosecution had called 18 witnesses, Raja Noor Asma pleaded guilty to four counts of fraud for employing a scheme to defraud investors and trading in futures contracts on behalf of others without a licence.

The SC’s investigations revealed that more than RM100 million had been raised from some 4,000 investors throughout Malaysia between February 2007 and May 2008 under the pretext that the money would be used to trade in Crude Palm Oil Futures.

For taking part in money laundering activities, Raja Noor Asma was also convicted of 50 counts under the Anti Money Laundering and Terrorism Financing Act 2001 (AMLATFA) and sentenced to two years imprisonment for each of the AMLATFA charges, which are to run concurrently. The court ordered the two-year jail term to run consecutive to the five-year imprisonment imposed for the fraud charges.

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