KUALA LUMPUR, June 30 — A former investment banker was sentenced to two years jail and fined RM1 million by the Sessions Court today for securities fraud offences involving RM201,000.
Judge Norma Ismail handed down the sentence to Ruwan Amaresh Shaun Ponniah, 36, previously an associate director of debt capital markets in a local Investment bank, after he pleaded guilty to one charge under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA).
The judge also ordered him to serve six months' imprisonment if he defaulted on the fine and ordered his jail term to take effect from the date of his arrest on September 18 last year.
The Securities Commission (SC) said the court also took into consideration nine other similar charges under Section 171A of the Criminal Procedure Code (CPC).
"Ruwan Amaresh had falsely represented to seven investors that their monies would be invested in shares listed on the Malaysian and foreign stock exchanges, but instead used the funds for other purposes without their knowledge," it said in a statement.
The court also sentenced the accused to two years' imprisonment after he pleaded guilty to a charge under Section 58(1) of the CMSA for holding himself out as carrying on a fund management business without being licensed or registered, and ordered the jail term to run concurrently with the sentence for the first offence.
The SC said that Ruwan Amaresh's plea was made pursuant to his application for a plea bargain under Section 172C of the CPC.
"He was first arrested and charged by the SC in September 2024, where he claimed trial to all the charges and was granted bail at RM210,000 with one surety.
"On February 5, 2025, following Ruwan's application to the High Court for a reduction of the bail sum, the amount was reduced to RM105,000, but he was unable to post bail and has remained remanded at the Sungai Buloh Prison to date," it said.
— Bernama
